Interest on securities
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 not being interest payable under section 280D in respect of an annuity deposit made under Chapter XXIIA ;
(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 the Finance Act, 1978]