TaxTMI 
TaxTMI 
Other sums
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....of interest payable by the Government or a public sector bank within the meaning of clause (23D) of section 10 or a public financial institution within the meaning of that clause, deduction of tax shall be made only at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode :] ^24[****] ^18[Explanation.1-For the purposes of this section, where any interest or other sum as aforesaid is credited to any account, whether called "Interest payable account" or "Suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordin....
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....ve such interest or other sum without deduction of tax under that sub-section, and where any such certificate is granted, every person responsible for paying such interest or other sum to the person to whom such certificate is granted shall, so long as the certificate is in force, make payment of such interest or other sum without deducting tax thereon under sub-section (1). (4) A certificate granted under sub-section (3) shall remain in force till the expiry of the period specified therein or, if it is cancelled by the ^15[Assessing] Officers before the expiry of such period, till such cancellation. (5) The Board may, having regard to the convenience of assessees and the interests of revenue, by notification in the Official Gazette, ....
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....is neither an Indian company nor a company which has made the prescribed arrangements for the declaration and payment of dividends within India, any interest, not being "Interest on securities", or any other sum, not being dividends, chargeable under the provisions of this Act, shall, at the time of payment, unless he is himself liable to pay any income-tax thereon as an agent, deduct income-tax thereon at the rates in force: Provided that nothing in this sub-section shall apply to any payment made in the course of transactions in respect of which a person responsible for the payments is deemed under the proviso to sub-section (1) of section 163 not to be an agent of the payee : Provided further that the deduction of incom....
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....s read as, "other than interest including interest on securities" 8. Omitted vide Section 56 of the Finance (No. 2) Act, 1991 w.e.f. 01-10-1991 before it was read as, ", dividend" 9. Substituted vide Section 80 of the Finance Act, 2003, w.e.f. 01-06-2003 before it was read as, "(^7[other than interest on securities], ^8[****] and salary) " 10. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 11. Substituted vide Section 39 of the Finance Act, 1988 w.e.f. 01-03-1988 before it was read as, "in the prescribed manner" Earlier, Substituted vide Section 49 of the Finance Act, 1987 w.e.f. 01-0....