TaxTMI 
TaxTMI 
Interest on securities
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....¼ per cent National Defence Bonds, 1972, where the bonds are held by an individual, not being a non-resident; or ^8[(ia) any interest payable to an individual on 4¼ per cent National Defence Loan, 1968, or 4¾ per cent National Defence Loan, 1972; or] ^9[(ib) any interest payable on National Development Bonds; or] (ii) ^10[****] ^11[(iia) any interest payable on 7-Year National Savings Certificates (IV Issue); or] ^12[(iib) any interest payable on such debentures, issued by any institution or authority, or any public sector company, or any co-operative society (including a co-operative land mortgage bank or a co-operative land development bank), as the Central Government may, ....
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.... as the case may be, the aggregate amount of such interest paid or likely to be paid on such debenture during the financial year by the company to such individual or Hindu undivided family does not exceed ^28[ten thousand rupees]; and (b) such interest is paid by the company by an account payee cheque;] ^19[(vi) any interest payable to the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any securities owned by it or in which it has full beneficial interest; or (vii) any interest payable to the General Insurance Corporation of India (hereafter in this clause referred to as the Corporation) or to any of the four companies (hereafter in t....
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....vide Section 22 of the Finance Act, 1989 w.e.f. 01-06-1989 before it was read as, "at the time of payment" 4. Omitted vide Section 45 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, "and super-tax" 5. Omitted vide Section 70 of the Finance Act, 1992 w.e.f. 01-06-1992 before it was read as, "Provided that where, in the case of a scheduled bank, the Central Government is satisfied that the total income of the bank justifies deduction of income-tax at a lower rate, it may, by notification in the Official Gazette, specify the rate at which deduction of income-tax shall be made in the case of such bank under this section and such notification shall, at any one time, have effect for such asses....
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....sp;w.e.f. 01-04-1989 before it was read as, "(ii) any interest payable on National Savings Certificates (First Issue); or" 11. Inserted vide Section 22 of the Finance Act, 1970 w.e.f. 01-04-1970 12. Substituted vide Section 29 of the Finance Act, 1986 w.e.f. 01-06-1986 before it was read as, "(iib) any interest payable on such debentures, issued by any co-operative society (including a co-operative land mortgage bank or a co-operative land development bank) or any other institution or authority, as the Central Government may, by notification in the Official Gazette, specify in this behalf; or" Earlier, Inserted vide Section 22 of the Finance Act, 1970 w.e.f. 01-04-1970 13. Omitted ....
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....s due is not likely to exceed the maximum amount not chargeable to tax; and (c) the total nominal value of the securities held by him (including such securities, if any, as are held on his behalf by any other person) did not exceed two thousand five hundred rupees at any time during the said previous year;" Earlier, Inserted vide Section 25 of the Finance Act, 1966 w.e.f. 01-04-1966 16. Inserted vide Section 52 of the Finance Act, 2007 w.e.f. 01-06-2007 17. Substituted vide Section 72 of the Finance Act, 2012 w.e.f. 01-07-2012 before it was read as, "(v) any interest payable to an individual, who is resident in India, on debentures issued by a company in which the public are substantially....
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....lier, Numbered vide Section 50 of the Finance (No. 2) Act, 1991 w.e.f. 01-10-1991 22. Omitted vide Section 70 of the Finance Act, 1992 w.e.f. 01-06-1992 before it was read as, "Explanation 2.-For the purposes of this section, the expression "scheduled bank" shall have the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36." Earlier, Inserted vide Section 50 of the Finance (No. 2) Act, 1991 w.e.f. 01-10-1991 23. Inserted vide Section 42 of the Finance Act, 2008 w.e.f. 01-06-2008 24. Inserted vide Section 48 of the Finance Act, 2018 w.e.f. 01-04-2018 25. Substituted vide Section 84 of the Finance Act, 2023 w.e.f. 01-0....