Income-tax Act : Interest on securities. Indian Bare Acts :

Income-tax Act,1961

Act No : 43

Section : Interest on securities.

18. Interest on securities.-(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.