Report No. 12
18. Interest on securities.-
The following amounts received by 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 Government;
(ii) interest on any security of a State Government;
(iii) interest on debentures or other securities for money issued by or on behalf of a local authority or a company.
[Section 8, 1st para.]
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