India - Income Tax Act 2010 - Saarc

S. 193 I.T. ACT, 1961 1.74288[(v) any interest payable to an individual, who is resident in India, ondebentures issued by a company in which the public are substantiallyinterested, being debentures listed on a recognised stock exchange inIndia in accordance with the Securities Contracts (Regulation) Act,1956 (42 of 1956), and any rules made thereunder, if—(a) the interest is paid by the company by an account payee cheque;and(b) the amount of such interest or, as the case may be, the aggregateof the amounts of such interest paid or likely to be paid during thefinancial year by the company to such individual does not exceed89[two thousand and five hundred rupees];]90[(vi) any interest payable to the Life Insurance Corporation of Indiaestablished under the Life Insurance Corporation Act, 1956 (31 of1956), in respect of any securities owned by it or in which it has fullbeneficial interest; or(vii) any interest payable to the General Insurance Corporation of India(hereafter in this clause referred to as the Corporation) or to any ofthe four companies (hereafter in this clause referred to as suchcompany), formed by virtue of the schemes framed under subsection(1) of section 16 of the General Insurance Business(Nationalisation) Act, 1972 (57 of 1972), in respect of any securitiesowned by the Corporation or such company or in which the Corporationor such company has full beneficial interest; or(viii) any interest payable to any other insurer in respect of any securitiesowned by it or in which it has full beneficial interest;]91[(ix) any interest payable on any security issued by a company, where suchsecurity is in dematerialised form and is listed on a recognised stockexchange in India in accordance with the Securities Contracts (Regulation)Act, 1956 (42 of 1956) and the rules made thereunder.]92[Explanation 93 [***].—For the purposes of this section, where any income byway of interest on securities is credited to any account, whether called “Interestpayable account” or “Suspense account” or by any other name, in the books ofaccount of the person liable to pay such income, such crediting shall be deemedto be credit of such income to the account of the payee and the provisions of thissection shall apply accordingly.]88. Inserted by the Finance Act, 1984, w.e.f. 1-6-1984.89. Substituted for “one thousand rupees” by the Finance Act, 1989, w.e.f. 1-6-1989.90. Clauses (vi), (vii) and (viii) inserted by the Finance Act, 2002, w.e.f. 1-6-2002.91. Inserted by the Finance Act, 2008, w.e.f. 1-6-2008.92. Inserted by the Finance Act, 1989, w.e.f. 1-6-1989. Original Explanation, which was insertedby the Finance Act, 1965, w.e.f. 1-4-1965, was omitted by the Finance (No. 2) Act, 1967, w.e.f.1-4-1967.93. Figure “1” omitted by the Finance Act, 1992, w.e.f. 1-6-1992. Earlier, Explanation wasrenumbered as Explanation 1 by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991.