Section 193

Interest on securities

193. The person responsible for paying any income chargeable under the head "Interest on securities" shall, at the time of payment deduct income-tax and super-tax at the rates in force on the amount of the interest payable :

¹[Provided that no tax shall be deducted from any interest payable on 4 1/4 per cent National Defence Bonds, 1972 or 6 1/2 per cent Gold Bonds, 1977, where any such Bonds are held by an individual, not being a non-resident, and in the case of the Gold Bonds, the holder thereof makes a declaration in writing before the person responsible for paying the interest that the total nominal value of the Gold Bonds held by him including the Gold Bonds, if any, held on his behalf by any other person did not exceed ten thousand rupees at any time during the period to which the interest relates].

[As amended by the Finance Act, 1962]