https://www.taxtmi.com/acts?id=38308 The amendment changes TDS liability for interest (other than interest on securities) by prescribing that individuals and HUFs will be required to deduct tax where turnover exceeds one crore rupees for business or fifty lakh rupees for profession in the immediately preceding financial year. It further provides that co-operative societies will be liable to deduct tax if their turnover in the preceding year exceeds fifty crore rupees and the interest paid or credited in the year exceeds prescribed thresholds, with a distinct higher threshold where the payee is a senior citizen. The provision defines "senior citizen" for the sub-section. en-us Sat, 01 Feb 2020 17:06:03 +0530 Sat, 01 Feb 2020 17:06:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=38308 The amendment changes TDS liability for interest (other than interest on securities) by prescribing that individuals and HUFs will be required to deduct tax where turnover exceeds one crore rupees for business or fifty lakh rupees for profession in the immediately preceding financial year. It further provides that co-operative societies will be liable to deduct tax if their turnover in the preceding year exceeds fifty crore rupees and the interest paid or credited in the year exceeds prescribed thresholds, with a distinct higher threshold where the payee is a senior citizen. The provision defines "senior citizen" for the sub-section. Act-Rules Bill Sat, 01 Feb 2020 17:06:03 +0530 https://www.taxtmi.com/acts?id=38308