(5)Irrespective of anything contained in this Chapter, the tax shall not be deducted by any person from any amount payable to––(a)the Government; or(b)the Reserve Bank of India; or(c)a corporation established by or under a Central Act which is, under any law in force, exempt from income-tax on its income; or(d)a Mutual fund as specified at Schedule VII (Table: Sl. No. 20 or 21), where such amount is payable to it by way of—(A)interest; or(B)dividend in respect of any securities or shares owned by it or in which it has full beneficial interest; or(C)any other income accruing or arising to it.
