Income-tax Act, 1961

Interest on securities.

193. The person responsible for paying to a resident any income by way of interest on securities shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, ⁶¹[being the amount or the aggregate of amounts exceeding ten thousand rupees during the financial year,] deduct income-tax at the rates in force on the amount of the interest payable :

Provided that no tax shall be deducted from-

(i)	-	any interest payable on 4- per cent National Defence Bonds, 1972, where the bonds are held by an individual, not being a non-resident; or
(ia)	-	any interest payable to an individual on 4- per cent National Defence Loan, 1968, or 4- per cent National Defence Loan, 1972; or
(ib)	-	any interest payable on National Development Bonds; or
(ii)	-	.... To read the full section download the app from Google Play store Latest Job Openings View all Featured 13 April 2026 GST CONSULTANCY Abhishek G Agrawal & Co. Korba CA Final View Details Featured ARTICLESHIP 19 March 2026 Article Assistant Gupta Sachdeva & Co. Chartered Accountants New Delhi CA Final View Details Featured 28 March 2026 Accountant Ashok Amol & Associates New Delhi B.Com View Details Featured 29 April 2026 Manager- Finance and Compliance Naveen Fintech Pvt Ltd Kolkata CA Inter View Details Featured 28 March 2026 CA Final Ashok Amol & Associates New Delhi CA Final View Details Featured 14 April 2026 GST CONSULTANT Abhishek G Agrawal & Co. Korba CA Final View Details Share  Facebook  Twitter  Linkedin  Reddit  Email  Whatsapp  Gmail  Pocket  Print  Pinterest  PDF  Translate Whatsapp Groups GST Income Tax CA Final CA Inter CAclubindia Login at CAclubindia CAclubindia India's largest network for finance professionals User Name Password Remember Me Forgot Password ? Alternatively, you can log in using: Login with Google Don't have an account? Register Now click here to register