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Tax on debenture interest is deducted at source under which Act?
ACustoms Act, 1962
BCompanies Act, 2013
CIncome Tax Act, 1961
DContract Act, 1872
Answer & Solution
Correct answer: C. Income Tax Act, 1961
The Income Tax Act, 1961 requires deduction of tax at the prescribed rate once interest exceeds the limit.
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