Interest on securities: definition clarifies which government and corporate instruments qualify for income-tax treatment.

The statutory definition of Interest On Securities under clause (28B) of section 2 of the Income-tax Act identifies interest on securities of the Central or State Governments and interest on debentures or other money securities issued by or on behalf of a local authority, a company, or a corporation established by statute, thereby specifying the classes of issuers and instruments encompassed within this tax category.

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