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of <h1>Section 194A Amendment: Tax Deduction Threshold on Interest Income for Senior Citizens Raised to 50,000 from April 2018.</h1> Clause 47 of the Finance Bill, 2018 amends section 194A of the Income-tax Act, increasing the threshold for tax deduction at source on interest income for senior citizens. For senior citizens, the limit is raised from ten thousand to fifty thousand rupees for interest income from banking companies, co-operative societies, or post office schemes. A 'senior citizen' is defined as an individual resident in India aged sixty years or more during the relevant previous year. These changes are effective from April 1, 2018.
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