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of <h1>Amendment to Income-tax Act: Section 194A clarifies interest income credit and raises provision threshold from Rs. 1,000 to Rs. 2,500.</h1> Section 194A of the Income-tax Act was amended effective June 1, 1987. An explanation was added to sub-section (1), clarifying that interest income credited to any account, regardless of its name, is considered credited to the payee's account, making the section's provisions applicable. Additionally, in sub-section (3), clause (i), the threshold for certain provisions was increased from one thousand rupees to two thousand five hundred rupees.
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