Amendment of section 193.
81. In section 193 of the Income-tax Act, in the proviso, clause (ix) shall be omitted.
Notes on Clauses:
Clause 81 of the Bill seeks to amend section 193 of the Income-tax Act relating to interest on securities.
Clause (ix) of the proviso to the said section provides that no tax shall be deducted on interest payable on any security issued by a company, where such security is in dematerialised form and is listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 and the rules made thereunder.
It is proposed to omit the said clause.
This amendment will take effect from 1st April, 2023.