23. Deductions from interest on securities.

23. Deductions from interest on securities.-

(1) In computing the income under the head "Interest on securities",  the following allowances and deduction shall be made, namely:-

(a) any sum deducted from interest by way of commission or   charges by a bank realising the interest on behalf of the assessee;

(b) any interest payable on money borrowed for the purpose of investment in the securities by the assessee:

    2[Provided that no allowance or deduction on account of any interest or commission paid under clause (a) or (b), as the case may be, in respect of, or allocable to the securities of Government which have been issued with the condition that interest thereon shall not be liable to tax, shall be made in computing the income under section 22;]

3[(c)] where the securities in respect of which any interest is receivable by an assessee consist of, or include, any securities to which paragraph 19 of Part B of the Sixth Schedule applies , no allowance or deduction on account of any interest or commission paid under clause (a) or (b), as the case may be, in respect of, or allocable to, the said securities shall be made in computing the income under section 22.]

(2) Notwithstanding anything contained in sub-section (1), no deduction shall be allowed under this section in respect of any interest payable outside Bangladesh on which tax has not been paid or deducted in accordance with the provisions of Chapter VII.

------------------------------------------------------------------------------------------------------------------------

1.Subs.for“the governmentby F.A.2004                                                    

2.Ins.byF.A.1995                                                                                  

3.Omitted by F.A. 1995

About Author

Profile Picture

Golden Bangladesh

Golden Bangladesh is a point of access to information.We present information from diverse sources in a unified way. It is the leading web portal, e-Directory and business guide in Bangladesh.

Leave a Comment