TDS on Interest on securities-sec 193

Tds on “Interest on Securities” (sec. 193)


Person Responsible for Tax Deduction:

Central or state Government, Local authority, Company or Corporation established by Central or state Government.

Category of Payee:

Any person being resident.

Rate of Deduction of Tax:

Resident non-corporate assessee and domestic company – 10%

Time for Deduction of Tax:

At the time of credit to the account of payee or payment whichever is earlier.

Time for Deposit of TDS:

In case of deduction by or on behalf of the Government, on the same day.
In all other cases:

  1. If the amount is credited on the last day of the accounting year- within 2 months from the end of the month in which it is credited.
  2. Other cases- within 1 week from the last day of the month of tax deduction.

Deduction of Tax at Lower rate or Non-Deduction of Tax:

Application of Form No. 13 shall be made to the assessing officer.
Certificate in Plain Paper shall be issued by the assessing officer to the assessee.