Income Tax
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B.—Interest on securities
Interest on securities
18. (1) The following amounts due to 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 or State Government;
(ii) interest on debentures or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a Central, State or Provincial Act.
(2) Nothing contained in sub-section (1) shall be construed as precluding an assessee from being charged to income-tax in respect of any interest on securities received by him in a previous year if such interest had not been charged to income-tax for any earlier previous year.
[As amended by Finance Act, 1963]