Interest on securities designated as taxable under income tax when not chargeable as business income head. An amendment inserts a new clause into subsection (2) of section 56 to treat income by way of interest on securities as taxable under the Income-tax Act ... Summary
Interest on securities designated as taxable under income tax when not chargeable as business income head.
An amendment inserts a new clause into subsection (2) of section 56 to treat income by way of interest on securities as taxable under the Income-tax Act when it is not chargeable to tax under the head "Profits and gains of business or profession."
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