TDS exemption on debenture interest where resident individual/HUF receives payment below prescribed threshold and paid by cheque. Substitution to clause (v) of the proviso to section 193 provides that no tax shall be deducted at source on interest payable to a resident individual or Hindu undivided family on debentures of a company in which the public are substantially interested, provided the aggregate interest paid or likely to be paid in the financial year does not exceed a prescribed threshold and the interest is paid by the company by an account payee cheque; effective from 1 July 2012.