Section 3 - Amendment of section 2 - Finance Act, 1988

CHAPTER III DIRECT TAXES Income-tax 3. Amendment of section 2 In section 2 of the Income-tax Act, after clause (28A), the following clause shall be inserted with effect from the 1st day of April, 1989, namely :- (28B) interest on securities means - (i) interest on any security of the Central Government or a State Government; (ii) interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a Central, State or Provincial Act; .