Separate head introduced for Interest tax accounting. - Income Tax - 1469/CBDT

INSTRUCTION NO. 1469/CBDT Dated: May 21, 1982 In partial modification to Board's Instruction F.No.385/II/8I-IT(B) dated 11th December, 1981 the board have decided in consultation with the C AG that with effect from 1-4-82 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 subheads of account should be opened under this major head:- ------------------------------------------------------------------------- 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) ------------------------------------------------------------------------- Insert the following notes below the major head-- Note (I)Divided into the following sub-heads- (a) Advance Interest tax from banks (b) Ordinary collections of interest tax from banks (c) Deduct - refunds. (II)Divided into the following sub-heads- (a) Miscellaneous collections (b) Deduct-refunds. (III)See note (5) below the major head (020 corporation) 2. Necessary correction slips to the list of major and minor heads of account are being issued by the C AG. 3. Consequent upon the revision of the nomenclature of the major head of interest tax, the columns of central daily collection registers are required to be amended. Suitable amendment may please be made in the column of the above registers before they are brought into use for the current financial year.