Circular : No. 473-Income Tax Under section 115A(1), income by way of interest received by a foreign company from Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency, is chargeable to tax at the rate of 25 per cent.
Notification No. S.O.3829-Income Tax In exercise of the powers conferred by clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the following bonds issued by the Housing Development Finance Corporation Limited, New Delhi, for the purposes of the said clause, namely
In exercise of the powers conferred by clause (iib) of the proviso to section 193 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the 1986–IPCL–14% Secured Redeemable Non-convertible Bonds issued by the Indian Petrochemicals Corporation Limited, Baroda, for the purposes of the said clause.
