Section 25 - Amendment of section 193 - Finance Act, 1966

25. Amendment of section 193 In section 193 of the Income-tax Act, in the proviso, after clause (iii), the following clause shall be inserted, namely:- (iv) any interest payable on any other security of the Central or State Government, where the security is held by an individual, not being a non-resident, and the holder thereof makes a declaration in writing before the person responsible for paying the interest that- (a) he has not previously been assessed under this Act or under the Indian Income-tax Act, 1922; (b) his total income of the previous year in which the interest is due is hot likely to exceed the maximum amount not chargeable to tax; and (c) the total nominal value of the securities held by him (including such securities, if any, as are held on his behalf by any other person) did not exceed two thousand five hundred rupees at any time during the said previous year. ,