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TMI BlogInterest on securitiesX X X X Extracts X X X X X X X X Extracts X X X X ..... s, 1972, where the bonds are held by an individual, not being a non-resident; or 8[(ia) any interest payable to an individual on 4¼ per cent National Defence Loan, 1968, or 4¾ per cent National Defence Loan, 1972; or] 9[(ib) any interest payable on National Development Bonds; or] (ii) 10[***] 11[(iia) any interest payable on 7-Year National Savings Certificates (IV Issue); or] 12[(iib) any interest payable on such debentures, issued by any institution or authority, or any public sector company, or any co-operative society (including a co-operative land mortgage bank or a co-operative land development bank), as the Central Government may, by notificationin the Official Gazette, specify in this behalf;] 13[***]] (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company to such individual or Hindu undivided family does not exceed 28[ten thousand rupees]; and (b) such interest is paid by the company by an account payee cheque;] 19[(vi) any interest payable to the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any securities owned by it or in which it has full beneficial interest; or (vii) any interest payable to the General Insurance Corporation of India (hereafter in this clause referred to as the Corporation) or to any of the four companies (hereafter in this clause referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. 6. Substituted by the Finance (No. 2) Act, 1965, w.e.f. 11-9-1965. Original proviso was inserted by the Taxation Laws (Amendment) Act, 1962, w.e.f. 13-12-1962. 7. Word "further" omitted by the Finance Act, 1992, w.e.f. 1-6-1992. Earlier, "further" was inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. 8. Inserted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1965, w.e.f. 4-12-1965. 9. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 10. Omitted by the Finance Act, 1988, w.e.f. 1-4-1989. 11. Inserted by the Finance Act, 1970, w.e.f. 1-4-1970. 12. Substituted by the Finance Act, 1986, w.e.f. 1-6-1986. Earlier it was inserted by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any time during the said previous year;" 16. Inserted by the Finance Act, 2007, w.e.f.1-6-2007. 17. Inserted by the Finance Act, 1984, w.e.f. 1-6-1984. Further Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- "(v) any interest payable to an individual, who is resident in India, on debentures issued by a company in which the public are substantially interested, being debentures listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder, if- (a) the interest is paid by the company by an account payee cheque; and (b) the amount of such interest or, as the case may be, the aggregate of the amounts of such int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 56) and the rules made thereunder]"
26.
Substituted vide Section 51 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2024 before it was read as,
"16[Provided that nothing contained in this clause shall apply to the interest exceeding rupees ten thousand payable on 8% Savings (Taxable) Bonds, 2003 24[or 7.75% Savings (Taxable) Bonds, 2018] during the financial year;]"
27.
Inserted vide Section 56 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2025
28.
Substituted vide Section 56 of the Finance Act, 2025 dated 29-03-2025 w.e.f. 01-04-2025 before it was read as, "five thousand rupees"
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