Section 18 - Amendment of section 56 - Finance Act, 1988

18. Amendment of section 56 In section 56 of the Income-tax Act, in sub-section (2), after clause (ic) [as inserted by section 26 of the Finance Act, 1987 (11 of 1987)], the following clause shall be inserted with effect from the 1st day of April, 1989, namely :- (id) income by way of interest on securities, if the income is not chargeable to income-tax under the head Profits and gains of business or profession ; .