Report No. 12
202. Interest on securities.-
The person responsible for paying any income chargeable under the head "Interest on securities" shall at the time of payment,-
(a) unless otherwise prescribed in the case of any security of the Central Government, deduct income-tax on the amount of the interest payable at the maximum rate; and
[Section 18(3), main para.]
(b) also deduct super-tax on such amount, when paid to a non-resident-
(i) in the case of a company, at the rate applicable to a company which has not made the arrangements for deduction of super-tax referred to in section 203 [18(3D)];
(ii) in the case of any other person, in accordance with the provisions of section 124(1)(b), 117(1)(b)].
[Section 18(3A), main para.]