Section 86 - Amendment of Act 57 of 1972 - Finance Act, 1988

86. Amendment of Act 57 of 1972 After section 35 of the General Insurance Business (Nationalisation) Act, 1972, the following section shall be inserted with effect from the 1st day of June, 1988, namely :- 35A. Deduction of income-tax not to be made on interest or dividend payable to the Corporation, etc. - Notwithstanding anything contained in section 193 or section 194 of the Income-tax Act, 1961 (43 of 1961), no deduction of income-tax shall be made on any interest or dividend payable to the Corporation or to any of the new companies formed by virtue of the schemes framed under sub-section (1) of section 16, in respect of any securities or shares owned by the Corporation or such company or in which the Corporation or such company has full beneficial interest.