New accounting code - Income Tax - 872/CBDT

INSTRUCTION NO. 872/CBDT Dated : September 4, 1975 Reference is invited to para 2 of Board's letter F.No. 370/76/74-IT(B) dated 15th March, 1975 and to say that the Board has decided in consultation with the Comptroller Auditor General of India that the collection of Interest Tax may be accounted for under a separate new minor head "Collection under Interest Tax Act, 1974" under the major head "028 other taxes on Income and Expenditure". It has also been decided that the following sub-heads should be opened under the minor head "Collection under Interest Tax Act, 1974" :- (a) Advance Interest Tax from Banks which are companies. (b) Ordinary collections of Interest Tax from Banks which are companies. (c) Miscellaneous collections (viz. penalties, Interest etc.) from Banks which are companies. (d) Deduct-Refunds. (e) Advance Interest Tax from Banks which are non-companies. (f) Ordinary collection of Interest-tax from Banks which are non-companies. (g) Misc. collection (viz. penalties, Interest etc.) from Banks which are non-companies. (h) Deduct-Refunds. 2. Necessary correction slips to the list of Major and Minor heads of Account (Third Edition) are being issued by the Comptroller Auditor General of India separately.