Proforma for submission of 6-monthly /9-monthly estimates of Interest-tax. - Income Tax - 1211/CBDT

INSTRUCTION NO. 1211/CBDT Dated : October 13, 1978 Reference is invited to Board's Instruction No.877 dated 18-9-75 (F.No.380/15/75-ITB) wherein the proforma for submission of 6-monthly /9-monthly estimates of Interest-tax was prescribed. Recently consequent upon the rationalisation of accounts the distinction between banks which are companies and banks which are not companies has been done away with. Further the Finance Act has discontinued the levy of interest-tax in relation to interest accruing or arising to scheduled banks after 28th February, 1978. Taking into account the above factors, the Board have decided that a simpler proforma for submission of Interest-tax estimates would serve the purpose. Accordingly a revised proforma for submission of 6-monthly/9-monthly Budget Estimates of Interest-tax has been devised a copy of which is printed below. 2. The Estimates of Interest-tax for the current year and onwards may, kindly be furnished in this proforma. It has been the experience in Boards office that the Estimates of Interest-tax are not received in time which in turn delays submission of the Estimates by the Board to the Department of Economic Affairs. As the delay causes avoidable embarrassment to the Board it may kindly be ensured that the estimates are sent by due date positively (viz 5th November for 6-monthly Estimates and 20th December for 9-monthly Estimates). Statement showing the 6-monthly Budget Estimates if Interest Tax Act ---------- 9-monthly ------------------------------------------------------------------------- Actuals Budget Actuals Revised Budget Remarks of Esti- of first Esti- Esti- preced- mates 6/9- mates mates ing (19-19) month (19-19) (19-19) year of the (19-19) current year (19 - 19) ------------------------------------------------------------------------- (1) (2) (3) (4) (5) (6) ------------------------------------------------------------------------- (1) Advance Interest Tax from Banks (2) Ordinary collection (including self-ass- essment) of Interest Tax from Banks (3) Miscellaneous collec- tion (viz. penalties, Interest etc.) (4) Total of items (1), (2) (3) (5) Deduct-Refunds (6) Net Interest-tax from Banks (items 4-5) -------------------------------------------------------------------------