22 May 2009
There is no specified defination of "securities" in Income Tax Act regarding deduction of TDS on it.....But it generally include- Listed Debenture, Non listed debenture...and IT Act, specically determine the securities on which no TDS to be deducted on its interest...such as National defence Bonds, 7 year national saving certificate, gold Bonds,on some listed debentures- whose interest is paid by account payee cheque and interest doesnot excedds Rs. 2500/-,etc.
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