Interest on tax-free securities of a State Government
O.—Liability of State Governments
Interest on tax-free securities of a State Government.
181.Income-tax shall be payable by a State Government on the interest on any security issued by it tax-free 3[at such rate not exceeding twenty-five per cent as may be notified by the Central Government in the Official Gazette from time to time].
3. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965.
[AS AMENDED BY THE FINANCE ACT, 1986]