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of <h1>Section 193 Amended: Interest on Certain Bonds and Certificates Exempt from Tax Deduction for Eligible Resident Holders.</h1> Section 193 of the Income-tax Act has been amended to introduce a new proviso, which exempts certain interests from tax deduction. No tax shall be deducted from interest payable on 4 1/4% National Defence Bonds, 1972, National Savings Certificates (First Issue), and 6 1/2% Gold Bonds, 1977, or 7% Gold Bonds, 1980, provided they are held by individuals who are not non-residents. For Gold Bonds, the holder must declare that the total nominal value of the bonds does not exceed ten thousand rupees during the interest period.
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