22. Interest on securities.-

22. Interest on securities.-

The following income of an assessee shall be classified and computed under the head "Interest on securities", namely:-

(a) interest receivable by the assessee on any security of 1[the Government or any security approved by Government]; and

(b) interest receivable by him on debentures or other securities of money issued by or on behalf of a local authority or a company


1 Subs. for "the Government" by F. A. 2004.



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