Central
Section 1 of The Interest-tax Act, 1974
- (1)This Act may be called the Interest-tax Act, 1974.
- (2)It extends to the whole of India.
Summary
- The official name of the law is the Interest-tax Act, 1974.
- The rules within this law apply uniformly across the entire geographic territory of India.
- There are no special territorial exemptions or carve-outs mentioned in this opening provision.
Practical examples
1A commercial bank operating out of Chennai must comply with this Act because the law extends to the whole of India.
2A new financial lending company sets up its headquarters in Kolkata, and it is automatically subject to the Act's provisions due to the nationwide extent of the law.
FAQ
1. Does this law apply to the state of Jammu and Kashmir?
Yes, the Act explicitly extends to the whole of India without listing any exceptions for specific states.
2. What is the exact title I should use when referring to this law?
It is formally called the Interest-tax Act, 1974.
3. Are union territories covered by this Act?
Yes, because union territories are legally part of the whole of India.
Test yourself
Q1.Under Section 1 of The Interest-tax Act, 1974, what is the geographical reach of the law?
Q2.Under Section 1 of The Interest-tax Act, 1974, what is the correct formal name of the statute?
Q3.Under Section 1 of The Interest-tax Act, 1974, if a territory becomes a newly recognized part of India, does the Act apply to it?
Q4.Under Section 1 of The Interest-tax Act, 1974, is there any provision for a state government to opt out of the tax?