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of <h1>New Section 43A Exempts Life Insurance Corporation from Tax Deductions on Interest and Dividends, Overriding IT Act Sections 193, 194.</h1> Section 43A is added to the Life Insurance Corporation Act, 1956, effective June 1, 1976, stating that no income tax deduction shall be made on interest or dividends payable to the Corporation for securities or shares it owns or in which it has a full beneficial interest. This provision overrides sections 193 and 194 of the Income-tax Act, 1961, ensuring that the Corporation's income from these sources remains untaxed at the point of payment.
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