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Report No. 12

202. Interest on securities.-

The person responsible for paying any income chargeable under the head "Interest on securities" shall at the time of payment,-

(a) unless otherwise prescribed in the case of any security of the Central Government, deduct income-tax on the amount of the interest payable at the maximum rate; and

[Section 18(3), main para.]

(b) also deduct super-tax on such amount, when paid to a non-resident-

(i) in the case of a company, at the rate applicable to a company which has not made the arrangements for deduction of super-tax referred to in section 203 [18(3D)];

(ii) in the case of any other person, in accordance with the provisions of section 124(1)(b), 117(1)(b)].

[Section 18(3A), main para.]

Income-Tax Act, 1922 Back

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