Deduction for interest on tax free government securities allowed reduction in income tax by computed tax on included interest. Section 86A has been omitted. It formerly allowed a deduction from the income tax chargeable where interest on specified tax free government securities ... Summary
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Deduction for interest on tax free government securities allowed reduction in income tax by computed tax on included interest.
Section 86A has been omitted. It formerly allowed a deduction from the income tax chargeable where interest on specified tax free government securities was included in total income, by computing tax on that included amount at an average rate or at a prescribed lower rate, whichever was less.
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