Section 18 - Omitted - Income-tax Act, 1961

3 [ **** ] **************** NOTES:- 1. Inserted vide Section 7 of the Finance Act, 1965 w.e.f. 01-04-1965 2. Omitted vide Section 54 of the Finance Act, 1988 w.e.f. 01-04-1988 before it was read as, 1 [ not being interest payable under section 280D in respect of any annuity deposit made under Chapter XXIIA ] 3. Omitted vide Section 10 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, B. Interest on securities Interest on securities 18. (1) The following amounts due to an assessee in the previous year shall be chargeable to income-tax under the head Interest on securities , ( i ) interest on any security of the Central or State Government 2 [ **** ] ; ( ii ) interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a Central, State or Provincial Act. (2) Nothing contained in sub-section (1) shall be construed as precluding an assessee from being charged to income-tax in respect of any interest on securities received by him in a previous year if such interest had not been charged to income-tax for any earlier previous year.