Timing of tax deduction: withholding obligation arises on earlier of credit to payee's account or on payment.

Amendment makes the timing of tax deduction at source for interest payments trigger at the earlier of credit to the payee's account or actual payment, replaces the prior "at the time of payment" standard, raises the proviso threshold, and deems credits to interest payable or suspense accounts as credit to the payee for application of the section.

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