Amendment of section 56
Amendment of section 56
18. In section 56 of the Income-tax Act, in sub-section (2), after clause (ic) (as inserted by section 26 of the Finance Act, 1987 (11 of 1987), the following clause shall be inserted with effect from the 1st day of April, 1089, namely:—
'(id) Income by way of interest on securities, if the income is not chargeable to income-tax under the head "Profits and gains of business or profession";'.
[Finance Act, 1988]