The Provisional Collection of Taxes Act, 1931

The Provisional Collection of Taxes Act, 1931 is an Act of the Indian Parliament that empowers the Central Government to collect taxes at an early stage without the need for Parliamentary approval. The Act provides for the collection of taxes on an interim basis, pending the enactment of a finance act, which is passed by the Parliament every year. The taxes collected under this Act are provisional and are subject to adjustment when the final amount of tax liability is determined. The Act provides for the recovery of any amount of tax paid in excess of the final amount of tax liability. The Act also provides for the payment of interest on the excess amount of tax paid by the taxpayer. The Act is applicable to all taxes that are levied by the Central Government, including income tax, customs duty, excise duty, service tax, and other indirect taxes.