Interest Tax accounting under a separate major Head. - Income Tax - 1445/CBDT

INSTRUCTION NO. 1445/CBDT Dated: January 7, 1982 I am directed to say that at present interest tax is accounted for under the minor head collection under interest Tax Act 1974 below the major Head 028-taxes on Income and Expenditure. With the re-imposition of Interest Tax w.e.f. 1-7-80 the size of revenue of tax has become substantial. It is therefore felt that the receipts of this tax should be accounted for under a separate Major Head as in respect of other direct taxes. The board have accordingly decided in consultation with the C AG of India that the collection of Interest Tax should be accounted for under a separate Major Head 024 - Interest Tax. It has also been decided that the following minor heads and sub-heads of accounts should be opened under the major head "024-Interest Tax". MAJOR HEAD MINOR HEAD 024-Interest tax collection under Interest Tax Act 1974(1) other receipts(2) Receipts awaiting transfer to other minor heads(3) 2. Necessary correction slips to the list of major and minor heads of account are being issued by the C AG of India.