Section 4 - Amendment of section 193 - Taxation Laws (Amendment) Act, 1962

4. Amendment of section 193. To section 193 of the Income-tax Act, the following proviso shall be added, namely: Provided that no tax shall be deducted from any interest payable on 41 per cent. National Defence Bonds, 1972 or 61 per cent. Gold Bonds, 1977, where any such Bonds are held by an individual, not being a non-resident, and in the case of the Gold Bonds, the holder thereof makes a declaration in writing before the person responsible for paying the interest that the total nominal value of the Gold Bonds held by him including the Gold Bonds, if any, held on his behalf by any other person did not exceed ten thousand rupees at any time during the period to which the interest relates. .