Section 43 - Amendment of section 194A

TDS on interest: amendments tie computation to core banking adoption and broaden coverage for cooperatives and tribunal awards.

Amendments to section 194A require TDS computation to refer to income credited or paid by banking companies, co-operative societies or public companies that have adopted core banking solutions; expand the wording for payments by co-operative societies (excluding co-operative banks) to include income credited or paid by such societies; define co-operative bank by reference to the Banking Regulation Act; bring interest on compensation from Motor Accidents Claims Tribunals within the section with a small-amount threshold exemption for aggregate payments below the statutory limit; and substitute 'including' for 'excluding' in the specified Explanation.