Section 96 - Amendment of section 7 - Finance (No. 2) Act, 1991

96. Amendment of section 7. In section 7 of the Interest-tax Act, with effect from the 1st day of October, 1991, (a) for sub-sections (1) and (2), the following sub-sections shall be substituted, namely: (1) In the case of every credit institution, its principal officer, or where in the case of a non-resident credit institution any person has been treated as its agent under section 163 of the Income-tax Act, such person, shall furnish a return of the chargeable interest of the credit institution of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, before the 31st day of December of the assessment year. (2) Without prejudice to the provisions of sub-section (1), the Assessing Officer may, before the end of the relevant assessment year, serve a notice upon the principal officer of any credit institution, or where in the case of a non-resident credit institution any person has been treated as its agent under section 163 of the income-tax Act, upon such person, requiring him to furnish within thirty days from the date of service of the notice a return of the chargeable interest of the credit institution of the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. ; (b) in sub-section (3), for the words before the assessment is made , the words before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier shall be substituted.