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Income-tax Act, 1961

Section - 193 - Interest on securities

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

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