INCOME TAX

Requirement of deduction of income-tax at source u/s. 193 of IT Act-Payment of income by way of interest on securities to Ramakrishna Math and Ramakrishna Mission whose income is exempt u/s. 10(23C)(iv) of the IT Act, 1961

Circular No. 745

Dated 19/6/1996

Representations have been received for grant of exemption from the requirement of deduction of income-tax at source under section 193 of the Income-tax Act on the payment of income by way of interest on securities to Ramakrishna Math and Ramakrishna Mission whose income is exempt under clause (iv) of section 10(23C) of the Income-tax Act, 1961.

2. The matter has been examined by the Board and it has been decided that in the case of Ramakrishna Math and Ramakrishna Mission whose income is exempt under clause (iv) of section 10(23C) of the Income-tax Act, the income by way of interest on securities of the Central and State Governments may be paid to the Ramakrishna Math and Ramakrishna Mission without deduction of income-tax at source. The provisions of this circular will be applicable from the current financial year.

(Sd.) Y. P. Vashishat,

Under Secretary (Budget).