India - Income Tax Act 2010 - Saarc

S. 193 I.T. ACT, 1961 1.740(4) The trustees of a recognised provident fund, or any person authorised by theregulations of the fund to make payment of accumulated balances due toemployees, shall, in cases where sub-rule (1) of rule 9 of Part A of the FourthSchedule applies, at the time an accumulated balance due to an employee is paid,make therefrom the deduction provided in rule 10 of Part A of the FourthSchedule.65(5) Where any contribution made by an employer, including interest onsuch contributions, if any, in an approved superannuation fund is paid to theemployee, 66 [tax] on the amount so paid shall be deducted by the trustees of thefund to the extent provided in rule 6 of Part B of the Fourth Schedule.67(6) For the purposes of deduction of tax on salary payable in foreign currency,the value in rupees of such salary shall be calculated at the prescribed rate ofexchange.68[***]69Interest on securities.70193. The person responsible for paying 71 [to a resident] any income 72 [by wayof interest on securities] shall, 73 [at the time of credit of such income to theaccount of the payee or at the time of payment thereof in cash or by issue of acheque or draft or by any other mode, whichever is earlier], deduct income-tax74[***] at the rates in force on the amount of the interest payable :75[***]76[Provided 77 [***] 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;or65. See rule 33.66. Substituted for “income-tax and super-tax” by the Finance Act, 1965, w.e.f. 1-4-1965.67. See rules 26 and 115.68. Explanation omitted by the Finance Act, 1965, w.e.f. 1-4-1965.69. See rules 28(1), 28AA, 28AB, 29C, 30, 31, 31A, 31AB, 37, 37A and 37BA and Form Nos. 13,15G, 15H, 16A, 26Q, 26AS and 27Q.70. See also Circular No. 2, dated 6-2-1969, Circular No. 28P (XXXIV-4), dated 16-5-1966,Circular No. 735, dated 30-1-1996, Circular No. 741, dated 18-4-1996, Circular No. 745,dated 19-7-1996, Circular No. 3/2002, dated 28-6-2002, Circular No. 11/2002, dated22-11-2002, Circular No. 2/2003, dated 11-3-2003, Circular No. 3/2003, dated 11-3-2003and Circular No. 4/2004, dated 13-5-2004. For details, see Taxmann’s Master Guide toIncome-tax Act.71. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.72. Substituted for ‘chargeable under the head “Interest on securities” ’ by the Finance Act,1988, w.e.f. 1-4-1989.73. Substituted for “at the time of payment” by the Finance Act, 1989, w.e.f. 1-6-1989.74. “and super-tax” omitted by the Finance Act, 1965, w.e.f. 1-4-1965.75. Omitted by the Finance Act, 1992, w.e.f. 1-6-1992. Prior to omission, first proviso wasinserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991.76. Substituted by the Finance (No. 2) Act, 1965, w.e.f. 11-9-1965. Original proviso was insertedby the Taxation Laws (Amendment) Act, 1962, w.e.f. 13-12-1962.77. Word “further” omitted by the Finance Act, 1992, w.e.f. 1-6-1992. Earlier, “further” wasinserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991.