Amendment status not verified — confirm the current text below against the official source.
For the purposes of the [Income-tax Act, 1961(43 of 1961)], the Financial Corporation shall be deemed to be a company within the meaning of that Act and shall be liable to income-tax and super-tax accordingly on its income, profits and gains: Provided that any sum paid by the State Government under the guarantee given in pursuance of [x x x x] [section 7 or section 8] shall not be treated as the income, profits and gains of the Financial Corporation and any interest on debentures, [bonds or deposits] paid by the Financial Corporation out of such sum shall not be treated as expenditure incurred by it: Provided further that in the case of any shareholder such portion of a dividend as has been paid out of any such sum advanced by the State Government shall be deemed to be [his] income from "interest on securities" [and the income-tax shall be payable thereon as if it were the interest receivable on any security of a State Government issued income-tax free] within the meaning of section 8 of that Act. Subs. by Act 43 of 1985, sec. 26, for "Indian Income-tax Act, 1922 (11 of 1922)" (w.e.f. 21/08/1985). The words "Section 6 or" omitted by Act 39 of 2000, sec. 31 (w.e.f. 05/09/2000). Subs. by Act 6 of 1962, sec. 22, for certain words (w.e.f. 16/04/1962). Subs. by Act 6 of 1962, sec. 22, for "or bonds" (w.e.f. 16/04/1962). Subs. by Act 48 of 1952, sec. 3 and Sch. II, for "its" (w.e.f. 02/08/1952). Subs. by Act 6 of 1962, sec. 22, for "declared to be income-tax free" (w.e.f. 16/04/1962).