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of <h1>Amendment to Section 194A raises tax deduction threshold on interest income from time deposits to 10,000.</h1> The amendment to Section 194A of the Income-tax Act, effective July 1, 1995, modifies the threshold for tax deduction at source on interest income from time deposits with banks and co-operative societies. The limit is increased from two thousand five hundred rupees to ten thousand rupees. Additionally, the amendment specifies exemptions for certain deposits made before July 1, 1995, with banking companies and co-operative societies. It also defines 'time deposits' as those repayable after fixed periods, excluding recurring deposits. These changes aim to update the tax treatment of interest income from various banking institutions.
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