Tax deduction at source on interest revised to adjust thresholds, expand cooperative liability, and permit notified exceptions.

Amendment modifies section 194A to change monetary thresholds for TDS on interest, restructures sub-section (3) to omit an Explanation, restrict issuance of certain notifications, impose TDS liability on specified co-operative societies subject to turnover and interest thresholds with different limits for senior citizens, inserts a statutory definition of senior citizen for these purposes, and empowers the Central Government to notify exclusions or lower rates of deduction.

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