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of <h1>Interest on Government Securities to Nationalized Banks Exempt from Tax Deduction: Section 193, Income-tax Act 1961.</h1> Interest on securities issued by Central and State Governments to nationalized banks is exempt from tax deduction at source. As per the powers granted under section 193 of the Income-tax Act, 1961, the Central Government specifies that the '13% Secured Redeemable Non-convertible Bonds-(B-Series)' from National Hydroelectric Power Corporation Limited are included under this exemption. The exemption applies to bond transfers by endorsement or delivery, provided the transferee notifies the corporation within sixty days via registered post.
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