Section(s) Referred: 193 ,1931 ,1931(iia)
Statute: INCOME TAX
Date of Issue: 19/2/1980
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, for the purposes of the said clause, the debentures issued before the date of publication of this notification in the Official Gazette, and the debentures to be issued after such date, by the Thanthai Periyar Transport Corporation Limited, Villupuram, as a part of the Workers’ Participation Scheme of the Government of Tamil Nadu :
Provided that —
(a) such debentures are not guaranteed by any Government as to the repayment of the principal or payment of interest ;
(b) such debentures are issued only to individuals including two or more individuals jointly ;
(c) such debentures are issued subject to the condition that they cannot be transferred to any person other than those mentioned in clause (b) ;
(d) such debentures carry interest at a rate not exceeding twelve per cent. per annum ; and
(e) the aggregate amount of such interest income, credited or paid, or likely to be credited or paid, during a financial year in respect of each employee or former employee, does not exceed five hundred rupees.
Nothing contained in this notification shall apply to a case where the income from debentures, together with the income from salary, exceeds the minimum taxable limit.
[F. No. 275/80/79-ITB