Deduction from tax on certain securities reduces tax where interest from income tax free government securities is included in income. Section 86A allows a deduction from the income tax chargeable on total income where interest from specified government securities is included: the deduction equals the income tax on the amount to be included calculated at the assessee's average rate of income tax or at a rate of twenty five per cent., whichever is less.
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Provisions expressly mentioned in the judgment/order text.
Deduction from tax on certain securities reduces tax where interest from income tax free government securities is included in income.
Section 86A allows a deduction from the income tax chargeable on total income where interest from specified government securities is included: the deduction equals the income tax on the amount to be included calculated at the assessee's average rate of income tax or at a rate of twenty five per cent., whichever is less.
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