9911796707
TMI BlogInterest on securitiesX X X X Extracts X X X X X X X X Extracts X X X X ..... t payable to an individual on 4 per cent National Defence Loan, 1968, or 4 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 [***]] ( iii ) any interest payable on 6 per cent Gold Bonds, 1977, or 7 per cent Gold Bonds, 1980, where the Bonds are he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 (Nationalisation) Act, 1972 (57 of 1972), in respect of any securities owned by the Corporation or such company or in which the Corporation or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the Finance Act, 1970, w.e.f. 1-4-1970. 13. Explanation omitted by the Finance Act, 1987, w.e.f. 1-4-1987. Omitted Explanation was inserted by the Finance Act, 1986, w.e.f. 1-4-1986. 14. Omitted by the Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ead 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 interest paid or likely to be paid during the financial year by the company to such individual does not exceed 18 [two thousand and five hundred rupees]; 18. Substituted for one thousand rupees by the Finance Act, 1989, w.e.f. 1-6-1989. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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