Interest payable to insurers excluded by amendment to the income tax proviso, covering securities owned or beneficially held. The amendment inserts clauses providing that interest payable to the Life Insurance Corporation, to the General Insurance Corporation and the four ... Summary
Interest payable to insurers excluded by amendment to the income tax proviso, covering securities owned or beneficially held.
The amendment inserts clauses providing that interest payable to the Life Insurance Corporation, to the General Insurance Corporation and the four nationalised companies, and to any other insurer, in respect of securities owned by them or in which they have full beneficial interest, shall be covered by the proviso to section 193.
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