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of <h1>Section 194A Amended: New Tax Deduction Threshold for Interest Income and Exemptions for Government Payments Introduced</h1> Section 194A of the Income-tax Act is amended to modify the threshold for tax deduction at source on interest income. The amendment replaces clause (i) in sub-section (3) to exempt amounts not exceeding one thousand rupees. A new clause (viii) is added to exempt certain payments by the Central Government under various tax acts. A new sub-section (4) allows for adjustments in deduction amounts to correct prior excesses or deficiencies. Additionally, failures to deduct tax on certain interest payments between April 1, 1975, and June 1, 1975, are exempt from penalties if the amount does not exceed four hundred rupees.
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