India - Income Tax Act 2010 - Saarc

S. 10(15) I.T. ACT, 1961 1.6663[Explanation 1A.—For the purposes of this sub-clause, the expression“interest” shall not include interest paid on delayed paymentof loan or on default if it is in excess of two per cent per annum overthe rate of interest payable in terms of such loan.]64[Explanation 2.—For the purposes of this clause, the expression“interest” includes hedging transaction charges on account ofcurrency fluctuation;]65[(v) interest on—(a) securities held by the Welfare Commissioner, BhopalGas Victims, Bhopal, in the Reserve Bank’s SGL Account No.SL/DH 048;(b) deposits for the benefit of the victims of the Bhopal gas leakdisaster held in such account, with the Reserve Bank of Indiaor with a public sector bank, as the Central Government may,by notification 66 in the Official Gazette, specify, whetherprospectively or retrospectively but in no case earlier thanthe 1st day of April, 1994 in this behalf.Explanation.—For the purposes of this sub-clause, the expression“public sector bank” shall have the meaning assigned to it in theExplanation to clause (23D);]67[(vi) interest on Gold Deposit Bonds issued under the Gold DepositScheme, 1999 notified by the Central Government;]68[(vii) interest on bonds—(a) issued by a local authority or by a State Pooled FinanceEntity; and(b) specified by the Central Government by notification 69 in theOfficial Gazette.Explanation.—For the purposes of this sub-clause, the expression“State Pooled Finance Entity” shall mean such entity which is set up63. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, Explanation1A, as inserted by the Finance Act, 2000, w.e.f. 1-4-2001, read as under :‘Explanation 1A.—For the purposes of this sub-clause, the expression “interest” shall notinclude interest paid on delayed payment of loan or on default.’64. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.65. Substituted by the Finance Act, 1995, w.e.f. 1-4-1995. Prior to its substitution, sub-clause(v) was inserted by the Finance Act, 1990, w.r.e.f. 1-4-1989 and later amended by theFinance Act, 1993, w.r.e.f. 2-11-1992.66. For notified accounts, see Taxmann’s Master Guide to Income-tax Act.67. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.68. Substituted by the Finance Act, 2007, w.e.f. 1-4-2008. Prior to its substitution, sub-clause(vii), as inserted by the Finance Act, 2000, w.e.f. 1-4-2001, read as under :“(vii) interest on bonds—(a) issued by a local authority; and(b) specified by the Central Government by notification in the Official Gazette;”69. For notified bonds issued by local authorities, see Taxmann’s Master Guide to Income-taxAct.