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of <h1>Amendment to Section 193: Tax Deduction at Source for Interest on Government Securities Exceeding 10,000 Effective Oct 2024.</h1> Clause 51 of the Finance (No. 2) Bill, 2024 proposes an amendment to section 193 of the Income-tax Act concerning tax deduction at source on interest from securities. The amendment revises the proviso to clause (iv) to include interest exceeding ten thousand rupees on Floating Rate Savings Bonds, 2020 (Taxable), or any other government securities specified by the Central Government, in addition to the previously covered 8% Savings Bonds, 2003, and 7.75% Savings Bonds, 2018. This change, effective from October 1, 2024, mandates tax deduction at source for these interests.
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