TaxTMI 
TaxTMI 
Interest other than Interest on securities
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....d "Interest payable account" or "Suspense account" or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.] (2) ^5[****] (3) The provisions of sub-section (1) shall not apply- ^6[(i) where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person referred to in sub-section (1) to the account of, or to, the payee, ^7[does not exceed- (a) ^40[fifty thousand rupees], where the payer is a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution, referred to in section 51 of that Act); (b) ^40A[fifty thousand rupees], where the payer is a co-operative society engaged in carrying on the business of banking; (c) ^40B[fifty thousand rupees], on any deposit with post office under any scheme framed by the Central Government and notified by it in this behalf; and (d) ^41[ten thous....
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....ss of institutions, associations or bodies] which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette; ^35[Provided that no notification under this sub-clause shall be issued on or after the 1st day of April, 2020.] ^14[(iv) to such income credited or paid by a firm to a partner of the firm;] (v) to such income credited or ^27[paid by a co-operative society (other than a co-operative bank) to a member thereof or to such income credited or paid by a co-operative society] to any other co-operative society;] ^28[Explanation.-For the purposes of this clause, "co-operative bank" shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949);] ^16[(vi) to such income credited or paid in respect of deposits under any scheme framed by the Central Government and notified by it in this behalf in the Official Gazette; ^17[(vii) to such income credited or paid in respect of deposits (other than time deposits made on or after the 1st day of July, 1995) with a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (in....
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....h interest, credited or paid, or is likely to be credited or paid, during the financial year is more than ^44[one lakh rupees] in case of payee being a senior citizen and ^45[fifty thousand rupees] in any other case.] ^21[Explanation 1.-For the purposes of clauses (i), (vii) and (viia), "time deposits" means deposits (^30[including] recurring deposits) repayable on the expiry of fixed periods. ^22[****]] ^37[Explanation 2.-For the purposes of this sub-section, "senior citizen" means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.] ^23[(4) The person responsible for making the payment referred to in sub-section (1) may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year.] ^38[(5) The Central Government may, by notification in the Official Gazette, provide that the deduction of tax shall not be made or shall be made at such lower rate, from such payment to such person or class of persons, as may be specified in....
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....b-section (1) of section 20 read as under : "(2) Notwithstanding the substitution of clause (i) of sub-section (3) of section 194A of the Income-tax Act, by sub-section (1) of this section nothing in section 201 or section 276B of that Act shall apply to, or in relation to, any failure to deduct income-tax under sub-section (1) of the said section 194A on any income by way of interest other than income chargeable under the head "Interest on securities" credited or paid on or after the 1st day of April, 1975, but before the 1st day of June, 1975, where the income so credited or paid at any one time does not exceed four hundred rupees." 7. Substituted vide Section 53 of the Finance Act, 2007 w.e.f. 01-06-2007 before it was read as, "does not exceed five thousand rupees:" Earlier, Amended vide Section 47 of the Finance Act, 1987 w.e.f. 01-06-1987 And was Amended vide Section 60 of the Finance Act, 2000 w.e.f. 01-06-2000 8. Substituted vide Section 49 of the Finance (No. 2) Act, 1996 w.e.f. 01-10-1996 before it was read as, "Provided that in respect of the income credited or paid in respect of time deposits with a banking com....
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....ing institution referred to in section 51 of that Act), or with a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land develop­ment bank);" Earlier, Amended vide Section 71 of the Finance Act, 1992 w.e.f. 01-06-1992 And was Amended vide Section 52 of the Finance (No. 2) Act, 1991 w.e.f. 01-10-1991 17A. Omitted vide Section 71 of the Finance Act, 1992 w.e.f. 01-06-1992 before it was read as, "Explanation.-In this section, "Gazetted Officer" includes a Tehsildar or a Mamlatdar of a Taluka or Tehsil or any other officer performing functions similar to those of a Tehsildar or Mamlatdar." 18. Inserted vide Section 20 of the Finance Act, 1975 w.e.f. 01-04-1975 19. Inserted vide Section 74 of the Finance Act, 2003 w.e.f. 01-06-2003 20. Inserted vide Section 48 of the Finance Act, 2005 w.e.f. 01-06-2005 21. Substituted vide Section 48 of the Finance Act, 2005 w.e.f. 01-06-2005 before it was read as, "Explanation.-For the purposes of clauses (i), (vii) and (viia), "time deposits" means deposits (exclud....