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Section 4: Charge of tax.

The Interest-tax Act, 1974Central Act · Act 45 of 1974

[(1)] Subject to the provisions of this Act, there shall be charged on every scheduled bank for every assessment year commencing on or after the 1st day of April, 1975, a tax (in this Act referred to as interest-tax) in respect of its chargeable interest of the previous year at the rate of seven per cent. of such chargeable interest:

[Provided that the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the 31st day of March, 1983 shall be three and a half per cent. of such chargeable interest.]

[(2) Notwithstanding anything contained in sub-section (1) but subject to the other provisions of this Act, there shall be charged on every credit institution for every assessment year commencing on and from the 1st day of April, 1992, interest-tax in respect of its chargeable interest of the previous year at the rate of three per cent. of such chargeable interest.]

[Provided that the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the 31st day of March, 1997 shall be two per cent. of such chargeable interest.]

[(3) Notwithstanding anything contained in sub-sections (1) and (2), no interest-tax shall be charged in respect of any chargeable interest accruing or arising after the 31st day of March, 2000.]

Where this provision sits

ActThe Interest-tax Act, 1974
Section4
Marginal noteCharge of tax.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • renumbered, Act 49 of 1991. . Section 4 renumbered as sub-section (1) thereof by Act 49 of 1991, s. 93 (w.e.f. 1-10-1991).
  • inserted, Act 11 of 1983. . Ins. by Act 11 of 1983, s. 43 (w.e.f. 1-4-1983).
  • inserted, Act 49 of 1991. . Ins. by Act 49 of 1991, s. 93 (w.e.f. 1-10-1991).
  • inserted, Act 26 of 1997. . Ins. by Act 26 of 1997, s. 59 (w.e.f. 1-4-1998).
  • inserted, Act 10 of 2000. . Ins. by Act 10 of 2000, s. 77 (w.e.f. 1-4-2001).

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