TMI BlogInterest on securitiesX X X X Extracts X X X X X X X X Extracts X X X X ..... n-resident; or 8 [( ia ) any interest payable to an individual on 4 per cent National Defence Loan, 1968, or 4 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, by notificationin the Official Gazette, specify in this behalf;] 13 [***]] ( iii ) any interest payable on 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 this clause referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any securities owned by the Corporation or such company or in which the Corporation or such company has full beneficial interest; or ( viii ) any inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst proviso was inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. 6. Substituted by the Finance (No. 2) Act, 1965, w.e.f. 11-9-1965. Original proviso was inserted by the Taxation Laws (Amendment) Act, 1962, w.e.f. 13-12-1962. 7. Word further omitted by the Finance Act, 1992, w.e.f. 1-6-1992. Earlier, further was inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. 8. Inserted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1965, w.e.f. 4-12-1965. 9. Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed under this Act or under the Indian Income-tax Act, 1922 (11 of 1922); (b) his total income of the previous year in which the interest is 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; 16. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 17. Inserted by the Finance Act, 1984, w.e.f. 1-6-1984. Further Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Act, 1991, w.e.f. 1-10-1991, read as under : ' 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.' 23. Inserted by the Finance Act, 2008, w.e.f. 1-6-2008. 24. Inserted vide THE FINANCE ACT, 2018 25. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, 23 [(ix) any interest payable on any security issued by a company, where such security is in dematerialised form and is listed on a recognised stock excha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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