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of <h1>Income Tax Bill 2025 Clause 393 replaces Section 193 for TDS on securities interest with Rs 10000 threshold</h1> The Income Tax Bill 2025 introduces Clause 393 governing tax deduction at source on interest on securities, replacing Section 193 of the Income Tax Act 1961. The new provision maintains a Rs. 10,000 threshold for TDS deduction and applies to payments made by any person to residents. Key exemptions include interest on National Development Bonds, specified government securities (excluding certain taxable bonds), and payments to entities like LIC, GIC, insurers, and business trusts. The Bill consolidates and modernizes the existing framework while preserving core exemptions and procedural requirements. Both regimes require deduction at rates in force when payment is credited or made, whichever is earlier, and allow declarations for non-deduction by eligible taxpayers.
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