Tax deduction at source on non securities interest: payer obligations and specified resident versus non resident rates. Deduction of tax at source is required on payments of interest other than interest on securities for 1974-75. Persons other than individuals and Hindu undivided families paying residents must deduct tax at the time of credit or payment under section 194A at rates in Part II of the First Schedule, with separate rate treatment for companies. Persons responsible for paying interest to non residents must deduct tax at the time of payment under section 195 at the rates in force for non resident payments, reflecting higher rates and surcharge distinctions.