No tax should be deducted by any person from any sum payable to-
1. the Government, or
2. the Reserve Bank of India (RBI), or
3. a corporation established under a Central Act whose income is exempt from income-tax, or
4. a Mutual Fund specified under clause (23D) of section 10, where the amount is payable to it as interest or dividend in respect of any shares/securities owned by it or in which the specified mutual funds has full beneficial interest, or any other income accruing or arising to it.