Income by way of interest on certain bonds and Government securities.

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..... st referred to in sub-section (2), shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of five per cent. 4 [ (2) The income by way of interest referred to in sub-section (1) shall be the interest .....

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..... ment security shall have the meaning assigned to it in clause (b) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); 5 [ (ba) municipal debt securities shall have the meaning assigned to it in clause (m) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 made under .....

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..... uted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as (2) The income by way of interest referred to in sub-section (1) shall be the interest payable on or after the 1st day of June, 2013 but before the 3 [1st day of July, 2020] in respect of investment made by the payee in- (i) a rupee denominated bond of an Indian company ; or .....

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