Withholding tax on specified securities income requires deduction by any payer when crediting or paying eligible Specified Funds.

Withholding tax applies to income from securities referred to in section 210(1) when payable or credited to a Specified Fund referred to in Schedule VI. Any person responsible for making the payment must deduct tax at the earlier of credit or payment. TDS is prescribed at 10%, with no monetary threshold; every covered payment or credit to an eligible Specified Fund is therefore subject to deduction. The provision is limited to the specified securities and qualifying fund recipients.

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