Threshold for tax deduction on interest revised to higher limits for banks, post office deposits and senior citizens. Amendment raises the aggregate thresholds for tax deduction at source under section 194A for interest (other than interest on securities), increasing the no-deduction limits for specified payers including banking companies, certain co-operative societies and post office deposits, and raising the senior-citizen threshold in the third proviso so that deduction is required only above the newly increased limits.
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Provisions expressly mentioned in the judgment/order text.
Threshold for tax deduction on interest revised to higher limits for banks, post office deposits and senior citizens.
Amendment raises the aggregate thresholds for tax deduction at source under section 194A for interest (other than interest on securities), increasing the no-deduction limits for specified payers including banking companies, certain co-operative societies and post office deposits, and raising the senior-citizen threshold in the third proviso so that deduction is required only above the newly increased limits.
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