9911796707
TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... 1-4-1984, Finance Act, 1984, w.e.f. 1-4-1985, Taxation Laws (Amendment) Act, 1984, w.r.e.f. 1-4-1972/1-4-1976, Finance Act, 1986, w.e.f. 1-4-1987, Finance Act, 1987, w.e.f. 1-4-1987, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988, Finance Act, 1988, w.e.f. 1-4-1988/1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989, w.r.e.f. 1-4-1984, Finance Act, 1990, w.e.f. 1-4-1990, Finance (No. 2) Act, 1991, w.e.f. 1-4-1992, Finance Act, 1992, w.e.f. 1-4-1993, Finance Act, 1993, w.e.f. 1-4-1994, Finance Act, 1994, w.r.e.f. 1-4-1968, Finance Act, 1995, w.e.f. 1-4-1996, Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, Finance Act, 1997, w.e.f. 1-4-1998, Finance Act, 1999, w.e.f. 1-4-2000, Finance Act, 2000, w.e.f. 1-4-2000, Finance Act, 2001, w.e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank); (via) interest on deposits with any such bank, not being a banking company or a co-operative society referred to in clause (vi) but being a bank established by or under any law made by Parliament, as may be approved††† by the Central Government for the purposes of this clause; (vii) interest on deposits with a financial corporation which is engaged in providing long-term finance for industrial development in India and which is eli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount equal to so much of such income as has remained unallowed; so, however, that the amount of such additional deduction shall not exceed three thousand rupees. Explanation.-For the purposes of this sub-section, the expression "security" means a Government security‡ as defined in clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944). (2) [***] (3) For the removal of doubts, it is hereby declared that where the income referred to in sub-section (1) is derived from any asset held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under the said sub-section in respect of such income in computing the total income of any partner of the firm or any membe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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