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