Para 3.13.27 — MSO

3.13.27 In the course of audit of these interest vouchers, it should be verified that:

(i) the amount entered in the voucher as the half-yearly interest in fact represents one half year’s interest due on the amount of the loan mentioned in each promissory note;

(ii) the total amount due is the half year’s interest multiplied by the number of half years as entered in the column provided for the purpose;

(iii) the amount shown as being due in the voucher has been correctly computed;

(iv) the receipt is properly signed, either by the person named as the holder or by his representative; and

(v) income tax at the maximum rate has been deducted from the interest due unless the owner of the security has produced with his receipt for interest a declaration under Section 193 or 197A of the Income Tax Act, 1961, or a certificate issued by the Income Tax Officer authorising exemption from tax or levy of a lower rate of tax.