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of <h1>Clarification on TDS: Deduct Tax on Interest from Deposits, Debentures, Bonds at Credit, Not Maturity per Sections 193, 194A.</h1> Circular No. 643, dated January 22, 1993, clarifies the requirement under sections 193 and 194A of the Income-tax Act, 1961, regarding tax deduction at source from interest on cumulative deposits, debentures, and bonds. Tax must be deducted at the time of crediting interest in the payer's account books, not at maturity. Failure to comply results in penalties. Tax is not required if the annual interest does not exceed Rs. 2,500 per payee. Exemptions apply for certain interest incomes, such as those from banking deposits under the Banking Regulation Act, 1949.
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