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of <h1>Finance Bill 2015: Amends Section 194A of Income-tax Act, Updates Time Deposits, Co-op Banks, Tribunal Compensation Exemptions.</h1> Clause 42 of the Finance Bill, 2015 amends section 194A of the Income-tax Act, effective June 1, 2015. It introduces a proviso for income from time deposits, stating that calculations should consider banking entities using core banking solutions. It modifies clause (v) to exclude co-operative banks from certain exemptions and defines 'co-operative bank.' Clause (ix) is revised to exempt interest on compensation from the Motor Accidents Claims Tribunal up to fifty thousand rupees. A new clause (ixa) is added for similar exemptions. The definition of 'time deposits' is altered to include recurring deposits.
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