The Expenditure-tax Act

Short title, extent and commencement

Definitions

Application of the Act

Charge of expenditure-tax

Meaning of chargeable expenditure

Tax authorities

Collection and recovery of expenditure-tax

Person responsible for collecting tax to furnish prescribed return

Assessment

Best judgment assessment

Chargeable expenditure escaping assessment

Rectification of mistake

Time limit for completion of assessment and reassessment

Interest on delayed payment of expenditure-tax

Penalty for failure to collect or pay expenditure-tax

Penalty for failure to furnish prescribed return

Penalty for concealment of chargeable expenditure

Penalty for failure to comply with notice

Penalty not to be imposed in certain cases

Notice of demand

Revision of orders by the Commissioner

Appeals to the Commissioner (Appeals)

Appeals to Appellate Tribunal

Application of provisions of Income-tax Act

Wilful attempt to evade tax, etc

Failure to furnish prescribed returns

False statement in verification, etc

Abetment of false return, etc

Certain offences to be non-cognizable

Institution of proceedings and composition of offences

Power to make rules

Power to remove difficulties

Repealed

All sections

Every person responsible for collecting
expenditure-tax and paying it to the credit of the Central Government in accordance with the provisions of
section 7, who fails to credit the tax to the account of the Central Government within the period specified
in that section, shall pay simple interest at the rate of 1
[one per cent.] for every month or part of a month
by which such crediting of tax is delayed. 


LAWGIST

# 14 Interest on delayed payment of expenditure-tax