The Interest-tax Act, 1974

The Interest-tax Act, 1974 is a law that was enacted to impose a tax on interest income earned by individuals and corporations in India. The Act applies to any person who earns interest income, including banks, financial institutions, and individuals. The Act provides for the calculation and payment of interest tax and sets out the procedures for assessment, appeals, and penalties. The rate of interest tax varies depending on the type of income and the taxpayer's status. The Act also includes provisions for exemptions and deductions, such as those related to agricultural income, charitable institutions, and government entities.