Income Tax Act, 2025
Section 7: Ins. by Act 20 of 2015, s. 42 (w.e.f. 12015).
7. Ins. by Act 20 of 2015, s. 42 (w.e.f. 12015).
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person authorised under the scheme to make payment of accumulated balance due to employees, shall, in
a case where the accumulated balance due to an employee participating in a recognised provident fund is
includible in his total income owing to the provisions of rule 8 of Part A of the Fourth Schedule not being
applicable, at the time of payment of the accumulated balance due to the employee, deduct income-tax
thereon at the rate of ten per cent:
Provided that no deduction under this section shall be made where the amount of such payment or, as
the case may be, the aggregate amount of such payment to the payee is less than1[fifty thousand rupees]:
Provided further that any person entitled to receive any amount on which tax is deductible under this
section shall furnish his Permanent Account Number to the person responsible for deducting such tax,
failing which tax shall be deducted at the maximum marginal rate.]
193. Interest on securities.—2[The person responsible for paying to a residentany income] 3[by way
of interest on securities] shall, 4[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], deduct income-tax5*** at the rates in force on the amount of the interest payable:
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7[Provided 8*** that no tax shall be deducted from—
(i) any interest payable on 4¼ per cent National Defence Bonds, 1972, where the bonds are held
by an individual, not being a non-resident; or
9[(ia) any interest payable to an individual on 4¼ per cent National Defence Loan, 1968, or 4¾
per cent. National Defence Loan, 1972; or]
10[(ib) any interest payable on National Development Bonds; or]
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12[(iia) any interest payable on 7-Year National Savings Certificates (IV Issue); or
13[(iib) any interest payable on such debentures, issued by any institution or authority, or any
public sector company, or any co-operative society (including a co-operative land mortgage bank or a
co-operative land development bank), as the Central Government may, by notification in the Official
Gazette, specify in this behalf;]]
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(iii) any interest payable on 6½ per cent Gold Bonds, 1977, or 7 per cent. Gold Bonds, 1980,
where the Bonds are held by an individual not being a non-resident, and the holder thereof makes a
any interest payable on 4¼ per cent National Defence Bonds, 1972, where the bonds are held
by an individual, not being a non-resident; or
9[
any interest payable to an individual on 4¼ per cent National Defence Loan, 1968, or 4¾
per cent. National Defence Loan, 1972; or]
10[
any interest payable on National Development Bonds; or]
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12[
any interest payable on 7-Year National Savings Certificates (IV Issue); or
13[
any interest payable on such debentures, issued by any institution or authority, or any
public sector company, or any co-operative society (including a co-operative land mortgage bank or a
co-operative land development bank), as the Central Government may, by notification in the Official
Gazette, specify in this behalf;]]
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any interest payable on 6½ per cent Gold Bonds, 1977, or 7 per cent. Gold Bonds, 1980,
where the Bonds are held by an individual not being a non-resident, and the holder thereof makes a