Interest on securities attracts no tax deduction where eligible security-based or recipient-based exemptions apply. Tax deduction at source on interest on securities is not required where exemptions apply based on the nature of the security or the recipient. Exempt ... Summary
Interest on securities attracts no tax deduction where eligible security-based or recipient-based exemptions apply.
Tax deduction at source on interest on securities is not required where exemptions apply based on the nature of the security or the recipient. Exempt securities include National Development Bonds, notified debentures, and eligible Central or State Government securities, excluding specified taxable savings bonds and notified securities. Recipient-based exemption applies to LIC, GIC, specified insurance companies, other insurers with ownership or full beneficial interest, and a Business Trust receiving interest from the relevant Special Purpose Vehicle.
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