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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.]

Income-Tax Act, 1922 Back

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