Income-tax Act,1961

Act No : 43

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Section : Interest on tax-free securities of a State Government.

2[181. Interest on tax-free securities of a State Government.-Omitted by the Finance Act, 1988, w.e.f 1-4-1989.] ----------------------------------------------------------------------- 1 The chapter sub-heading "O.-Liability of State Governments" omitted by the Finance Act, 1988, w.e.f. 1-4-1989. 2 Prior to the omission, section 181, as amended by the Finance Act, 1965, w.e.f. 1-4-1965, read as under: "181. Interest on tax-free securities of a State Government.- Income-tax shall be payable by a State Government on the interest on any security issued by it tax-free 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." ----------------------------------------------------------------------- 1.598

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