1Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to-
(i) the Government, or
(ii) the Reserve Bank of India, or
(iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or
(iv) a Mutual Fund specified under clause (23D) of section 10,
where such sum is payable to it by way of interest or dividend in respect of
any securities or shares owned by it or in which it has full beneficial
interest, or any other income accruing or arising to it.
----------------------
1. Subs. by Act 4 of 1988, s. 75, for section 196 (w.e.f. 1-4-1988). Earlier section 196 was substituted by Act 20 of 1967, s. 30 (w.e.f. 1-4-1967).
Section 195A Income payable net of tax
Section 196A Income in respect of units of non-residents
Section 196B Income from units
Section 196C Income from foreign currency bonds or shares of Indian company
Section 196D Income of Foreign Institutional Investors from securities
Section 197 Certificate for deduction at lower rate
Section 197A No deduction to be made in certain cases
Section 198 Tax deducted is income received