Section 193 — Interest on securities.

Interest on securities.—2[The person responsible for paying to a residentany income] 3[by way of interest on securities] shall, 4[at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier], deduct income-tax5*** at the rates in force on the amount of the interest payable: 6* * * * * 7[Provided 8*** that no tax shall be deducted from— (i) any interest payable on 4¼ per cent National Defence Bonds, 1972, where the bonds are held by an individual, not being a non-resident; or 9[(ia) any interest payable to an individual on 4¼ per cent National Defence Loan, 1968, or 4¾ per cent. National Defence Loan, 1972; or] 10[(ib) any interest payable on National Development Bonds; or] 11* * * * * 12[(iia) any interest payable on 7-Year National Savings Certificates (IV Issue); or 13[(iib) any interest payable on such debentures, issued by any institution or authority, or any public sector company, or any co-operative society (including a co-operative land mortgage bank or a co-operative land development bank), as the Central Government may, by notification in the Official Gazette, specify in this behalf;]] 14* * * * * (iii) any interest payable on 6½ per cent Gold Bonds, 1977, or 7 per cent. Gold Bonds, 1980, where the Bonds are held by an individual not being a non-resident, and the holder thereof makes a

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