C. G. specifies, the debentures issued before the date of publication of this notification and the debentures to be issued after such date, by the Thanthai Periyar Transport Corporation Limited, Villupuram, as a part of the Workers' Participation Scheme of the Govt of Tamil Nadu - S.O.520 - Income Tax

Debentures by Thanthai Periyar Transport under Workers' Scheme covered under Section 193, with specific interest and transfer conditions.

The Central Government specifies that debentures issued by Thanthai Periyar Transport Corporation Limited, Villupuram, under the Workers' Participation Scheme of the Government of Tamil Nadu, are covered under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. These debentures, issued before and after the notification date, must not be government-guaranteed, are issued only to individuals or jointly, cannot be transferred, carry a maximum interest of 12% per annum, and the interest income per employee must not exceed 500 rupees annually. This notification does not apply if the debenture and salary income exceed the taxable limit.