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For Residents Indians holding NCD in Physical form, Income Tax is deductible at source on interest on debentures as per provisions of Section 193 of the Income Tax Act, 1961. However, no income tax is deductible under section 193 in the case of residents where such debentures are in dematerialized form and is listed on a recognized stock exchange.
For Senior Citizens holding NCD whether in physical form or in Demat, no Income Tax is deductible at source on interest on debentures.
In all other cases, tax shall be levied for interest on debentures.
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