Section 193 of the Income Tax Act
Income-tax Act, 2025: s.393
Section 193 of the Income-tax Act, 1961 corresponds to section 393 (Tax to be deducted at source) of the Income-tax Act, 2025.
Read section 393 of the 2025 Act
Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.
The decision most relied on for Section 193 is American Express International Banking Corporation v. CIT (258 ITR 601), cited in 90 of the 47 judgments on BharatTax that turn on this section.
Leading authorities on Section 193
Interest paid by banks is allowable as a deduction in computing total income. The decision distinguished the Supreme Court's ruling in Vijaya Bank regarding the deductibility of such interest.
Interest paid for the broken period on purchase of dated government securities and interest received for the broken period on sale of such securities, if treated as trading assets, can be claimed as revenue expenditure under section 28. Income falling under section 18 of the Income Tax Act cannot also fall under section 28.
