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of <h1>Finance Act 1966 amends Section 193: Tax exemption for certain government securities if conditions are met.</h1> Section 193 of the Income-tax Act is amended by the Finance Act, 1966, to include a new clause (iv) in the proviso. This clause exempts interest payable on securities of the Central or State Government from tax if held by an individual who is not a non-resident. The exemption applies if the holder declares that they have not been previously assessed under the Income-tax Act, their total income for the previous year is unlikely to exceed the non-taxable limit, and the total nominal value of the securities does not exceed two thousand five hundred rupees during the previous year.
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