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of <h1>Section 194A: Payer must deduct TDS on interest (other than securities) when credited or paid, subject to exemptions</h1> Any person (other than an individual or Hindu undivided family, except where turnover/profession thresholds apply) paying interest other than interest on securities must deduct tax at source when the interest is credited or paid. Credit to any account (including suspense or interest payable) triggers deduction. Specified low-value payments, certain banks, financial institutions, insurance entities, co-operative societies, government payments, and specified deposits are exempt or subject to different thresholds; higher thresholds apply for senior citizens. A payer may adjust deductions for earlier errors, and the government may notify lower or nil deduction rates for specified persons or classes.
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