General Insurance Business (Nationalisation) Act : Deduction of income-tax not to be made on interest

General Insurance Business (Nationalisation) Act,1972

Act No : 57

Section : Deduction of income-tax not to be made on interest or dividend payableto the Corporation, etc.

1*[35A. Deduction of income-tax not to be made on interest or dividend payable to the Corporation, etc. Notwithstanding anything contained in section 193 or section 194 of the Income-tax Act, 1961 no deduction of income-tax shall be made on any interest or dividend payable to the Corporation or to any of the four new companies formed by virtue of the schemes framed under sub-section (1) of section 16, in respect of any securities or shares owned by the Corporation or such company or in which the Corporation or such company has full beneficial interest.]