Tax deduction at source on bank time deposit interest applies only to interest paid or credited after the effective date. The provisions for deduction of tax at source from interest on bank time deposits became effective on 1 October 1991; only interest paid or credited after that date is liable for deduction at the specified rate, while interest paid or credited between 1 April 1991 and 30 September 1991 is aggregated for the financial year solely to determine whether the aggregate exceeds the threshold that triggers withholding on later payments.