Interest tax inclusion: interest on debentures now subject to interest-tax under the Act's widened definition by the revised Act The present section 2(7) of the Interest-tax Act adopts a broader definition of interest and does not retain the former explicit exclusion for amounts chargeable under the Income-tax Act as 'Interest on Securities'; accordingly interest on debentures, bonds and securities is exigible to interest-tax and officers must apply this construction in their jurisdictions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest tax inclusion: interest on debentures now subject to interest-tax under the Act's widened definition by the revised Act
The present section 2(7) of the Interest-tax Act adopts a broader definition of interest and does not retain the former explicit exclusion for amounts chargeable under the Income-tax Act as 'Interest on Securities'; accordingly interest on debentures, bonds and securities is exigible to interest-tax and officers must apply this construction in their jurisdictions.
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