Notification No. 520

For the purposes of the said clause specified under section 193

What this is

Notification No. 520 was published on 19 February 1980. Its subject is For the purposes of the said clause specified under section 193.

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.193	s.393

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

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

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 75/2020 [F. No. 370142/8/2020-TPL] / GSR 574(E) — Ministry of Finance 22 September 2020
Notification No. Notification No. 27/2018 [F. No. 275/27/2017-IT(B)] / SO 2938(E) — The Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)] 18 June 2018
Notification No. 28/2018 [F. No. 275/27/2017-IT(B)] / SO 2939(E) — Indian Railway Finance Corporation Limited 54EC Capital Gains Bond" issued by Indian Railway Finance Corporation Limited 18 June 2018
Notification 59/2017 [F. No. 370 142/8/2017-TPL] / GSR 826(E) — Ministry of Finance 4 July 2017
Notification No. 05 — IDBI Flexibonds 2004-2005" issued by Industrial Development Bank of India Limited specified under section 193 17 January 2005
Circular No. 4/2004 — Tax Deduction at Source on income from Deep Discount Bonds 13 May 2004

← Notification No. 728 · Notification No. 1288 →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.