Section 196Central Act
Section 196: [ Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations. [ Substituted by Act 4 of 1988, Section 75, for Section 196 (w.e.f. 1.4.1988).]
[ Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations. [ Substituted by Act 4 of 1988, Section 75, for Section 196 (w.e.f. 1.4.1988).]
- Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to-(i)
the Government, or(ii)
the Reserve Bank of India, or(iii)
a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or(iv)
a Mutual Fund specified under clause (23-D) of section 10, where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it.]Previous
Sec 195A — [ Income payable "net of tax". [Inserted by Act 11 of 1987, Section 50 (w.e.f. 1.6.1987).]
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Sec 196A — [ Income in respect of units of non-residents. [Substituted by Act 22 of 1995, Section 37, for Section 196-A (w.e.f. 1.7.1995).]
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