Notification 59/2017 [F. No. 370 142/8/2017-TPL] / GSR 826(E)

What it does

The Income-tax (19th Amendment) Rules, 2017 amend clause (i) of sub-rule (1) of rule 29B of the Income-tax Rules, 1962, substituting the words "interest on securities" by "interest on securities (other than interest payable on securities referred to in proviso to section 193)". The same substitution is made in Form No. 15C. The effect is that interest payable on securities falling within the proviso to section 193 is carved out of the exclusion, so it may be covered by an application for a no-deduction certificate under rule 29B.

Who it reaches

Banking companies applying under rule 29B for a certificate under section 195(3)
Payers of interest on securities referred to in the proviso to section 193
Assessing Officers issuing certificates under section 195(3)

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.3	s.3
s.193	s.393
s.195	s.393, s.395, s.397, s.400
s.295	s.533

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 4th July, 2017
INCOME-TAX
G.S.R. 826(E).—In exercise of the powers conferred by section 295 read with section 195 of the Income-tax
Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the
Income-tax Rules, 1962, namely:—
1. (1) These rules may be called the Income-tax (19th Amendment) Rules, 2017.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereafter referred to as the Principal rules), in rule 29B, in sub-rule (1), clause
(i), for the words "interest on securities" the words and brackets and figures "interest on securities (other than
interest payable on securities referred to in proviso to section 193)" shall be substituted.
3. In the principal rules, in Form No. 15C, for the words "interest on securities" the words, brackets and figures
"interest on securities (other than interest payable on securities referred to in the proviso to section 193)" shall
be substituted.
[Notification No. 59/2017/F. No. 370 142/8/2017-TPL]
LAKSHMI NARAYANAN, Under Secy. (Tax Policy and Legislation)
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide
notification number S.O. 969(E), dated the 26th March, 1962 and last amended vide notification number
G.S.R. 821(E), dated the 03.07.2017.

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.
RAKESH SUKUL Digitally signed by RAKESH
SUKUL
Date: 2017.07.05 22:58:19 +05'30'

What it changes

The rule numbers are the 1962 Rules’ own, as the notification names them. The right-hand column is the department’s own mapping into the Income-tax Rules, 2026, which renumbered nearly everything.

Rule of the 1962 Rules	Now, in the 2026 Rules
Rule 29B	rule 209

Forms it touches. Form No. 15C

From when

the date of publication in the Official Gazette.

What to watch

The rules come into force from the date of their publication in the Official Gazette; no retrospective effect is stated.
The same wording is carried into Form No. 15C, so an application must be made on the amended form.
Only clause (i) of rule 29B(1) is touched; the remaining conditions of rule 29B stand.
The Note records that the principal rules were last amended vide G.S.R. 821(E) dated 3 July 2017.

Where you meet it

In an application in Form No. 15C for a certificate under section 195(3), and in the payer's decision not to deduct on interest on securities within the proviso to section 193.

What it names

Forms it names. Form No. 15C

Rules it names. Rule 29B of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.

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. 94/2026 [F. No. 370142/24/2026-TPL] / G.S.R. 646(E) : Income-tax (Second Amendment) Rules, 2026 : Amendment of rule 157 of the Income tax Rules, 2026 to align the definition of the specified fund with rule 114AAB of the Income tax Rules, 1962 — Ministry of Finance 21 July 2026
Notification No. 64 — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 7 16 April 2026
Notification No. 63/2026 [F. No. 370142/13/2026-TPL]/ GSR 268(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026
Notification No. 62/2026 [F. No. 370142/10/2026-TPL]/ GSR 267(E) — Ministry of Finance 10 April 2026
Notification No. 61/2026 [F. No. 370142/9/2026-TPL] / GSR 266(E) — [भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 10 April 2026
Notification No. 60/2026 [F. No. 370142/8/2026-TPL]/ GSR 265(E) — 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(i)] 10 April 2026

← Notification No. 60/2017 [F. No. 370142/10/2017–TPL] / GSR 841(E) · Notification No. 58/2017 [F. No. 370142/10/2017-TPL] / GSR 821(E) →

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.

What this is