“Every bank or financial institution or company issuing corporate debt security, which is required to deduct income tax from the interest paid or credited or discount allowed, as the case may be, by it in any year of assessment to any person chargeable with income tax under this Act, shall deduct such income tax at the time when such interest is paid or when such security is issued or where such corporate debt security is issued with floating rate of interest, at the beginning of each reviewing period, as the case may be, to such person in accordance with any agreement entered into between such bank or financial institution or company and such person with respect to such payment,”; and