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of <h1>Section 181 Income Tax Act imposed tax on State Governments' interest from tax-free securities, later omitted in 1988</h1> Section 181 of the Income Tax Act, 1961 originally imposed income tax liability on State Governments for interest earned on tax-free securities issued by them, with rates not exceeding twenty-five percent as notified by the Central Government. This provision was initially inserted in 1965 through the Finance Act, 1965, effective from April 1, 1965. However, the section was subsequently omitted in 1988 via the Finance Act, 1988, effective from April 1, 1989, removing this tax obligation on State Governments regarding their tax-free securities.
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