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Section 196: Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations

The Income-tax Act, 1961Central Act · Act 43 of 1961

Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026

Interest or dividend or other sums payable to Government, Reserve Bank or certain corporations.

Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to—

(i) the Government, or

(ii) the Reserve Bank of India, or

(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or

(iv) a Mutual Fund specified under clause (23D) of section 10,

where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it.

Where this provision sits

ActThe Income-tax Act, 1961
Section196
Marginal noteInterest or dividend or other sums payable to Government, Reserve Bank or certain corporations
JurisdictionCentral
StatusRepealed
Judgments citing it11

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