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39. Amendment of section 193. |
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In section 193 of the Income-tax Act, in the proviso, after clause (viii) and before the Explanation, the following clause shall be inserted with effect from the 1st day of June, 2008, namely:
(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 exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the rules made thereunder.".
Clause 39 seeks to amend section 193 of the Income-tax Act, relating to interest on securities.
Section 193 provides for deduction of tax at source on any income by way of interest on securities payable to a resident.
The proposed amendment of the said section seeks to exempt from deduction of tax at source, any interest payable on any security issued by a company, where such security is in dematerialised form and is listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 and the rules made thereunder.
This amendment will take effect from 1st June, 2008.
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