Under the Income-tax Act, 2025, which of the following statements is not correct ?

Under section 393(1) of the Income-tax Act, 2025 (Table: Sl. No. 5(i)) (formerly s.193 of the Income-tax Act, 1961), any person paying interest on securities to a resident must deduct tax at the rates in force where the amount exceeds ₹ 10,000, subject only to the specific exclusions in section 393(4) (Table: Sl. No. 6), such as certain Government securities and interest payable to insurers. So the blanket statement that no tax is deducted on interest on securities issued by a domestic company is not correct. The other statements are correct: rent paid by a person other than a 'specified person' (section 402(37)), such as a salaried individual, attracts TDS at 2% only where it exceeds ₹ 50,000 for a month or part of a month (Table: Sl. No. 2(i)), so no TDS is due on ₹ 10,000 per month; tax on salary is deducted under section 392(1) at the average rate of tax on the estimated salary income; and a bank deducts tax on interest other than interest on securities only where it exceeds ₹ 50,000 in the tax year (₹ 1,00,000 for a senior citizen) (Table: Sl. No. 5(ii)).