TDS threshold for interest on time deposits increased, with exemption computed branch wise and limited to specified depositors. Amendment substitutes the proviso to the clause in sub section (3) of section 194A so that for income credited or paid on time deposits with banking companies, time deposits with co operative societies engaged in banking, and deposits with specified public housing finance companies the earlier exemption amount is replaced by a higher amount, and that amount is to be computed with reference to the income credited or paid by a branch of the banking company, co operative society or public company, effective 1 October 1996.
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Provisions expressly mentioned in the judgment/order text.
TDS threshold for interest on time deposits increased, with exemption computed branch wise and limited to specified depositors.
Amendment substitutes the proviso to the clause in sub section (3) of section 194A so that for income credited or paid on time deposits with banking companies, time deposits with co operative societies engaged in banking, and deposits with specified public housing finance companies the earlier exemption amount is replaced by a higher amount, and that amount is to be computed with reference to the income credited or paid by a branch of the banking company, co operative society or public company, effective 1 October 1996.
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