Tax on interest on National Savings Certificates (First Issue)
8[Tax on interest on National Savings Certificates (First Issue).
112A. Where the total income of an assessed, not being a company, includes any interest on National Savings Certificates (First Issue), the tax payable by him on his total income shall be—
9[(a) the amount of income-tax payable on the total income as reduced by the amount of such inclusion, had the total income so reduced been his total income ; plus
(b) the amount of income-tax calculated on the amount of such interest included in the total income at the average rate of income-tax which would have been applicable to the total income if the amount of such interest and the amount of compensation or other payment referred to in 10[sub-ctause (a) or sub-clause (b) or sub-clause (c) of] clause (ii) of section 28 and of the capital gains, if any, had not formed part of it;]
(c) 11[* * *]
Explanation 12[(1)] : 13[* * * ]
12[Explanation 2 : For the purposes of this section and 14[section 193], “National Savings Certificates (First Issue)” includes “National Savings Certificates (First Issue)—Bank Series”.]]
8. Inserted by the Finance (No. 2) Act, 1965, w.e.f. 11-9-1965.
9. Substituted by thc'Taxation Laws (Amendment) Act, 1970, with retrospective effect from 1-4-1968
10. Inserted by the Finance Act, 1973, with retrospective effect from 1-4-1972.
11. Omitted by the Finance (No, 2) Act, 1967, w.e.f. 1-4-1968.
12. Inserted by the Finance Act, 1966, w.e.f. 1-4-1966.
13. Omitted by the Taxation Laws (Amendment) Act, 1970, with retrospective effect from 1-4-1969.
14. Substituted for “sections 112,114 and 193” by the Finance (No, 2) Act, 1967, w.e.f. 1-4-1968.
[AS AMENDED BY THE FINANCE ACT, 1986]