Circular : No. 134 -Income Tax Under section 194A any person not being an individual or a Hindu undivided family, paying to a resident, any income by way of interest (other than interest on securities) is required, 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 a draft, to deduct income-tax thereon at the rates in force. The rates for the
