Amendment of section 194A.

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....l be computed with reference to the income credited or paid by the banking company or the co-operative society or the public company, as the case may be, where such banking company or the co-operative society or the public company has adopted core banking solutions;"; (b) in clause (v), for the words "paid by a co-operative society to a member thereof or", the words and brackets "paid by a co-ope....

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....e amounts of such income paid during the financial year does not exceed fifty thousand rupees;"; (e) in Explanation 1 below clause (xi), for the word "excluding", the word "including" shall be substituted. - Clause 42 of the Bill seeks to amend section 194A of the Income-tax Act relating to interest other than interest on securities. Under the existing provisions contained in the proviso to c....

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....utions. The existing provisions of clause (v) of sub-section (3) of the aforesaid section provide that the provisions of sub-section (1) of the aforesaid section shall not apply to income credited or paid by a co-operative society to a member thereof or to any other cooperative society. It is proposed to amend the said sub-clause so as to provide that the provisions of sub-section (1) of section....

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....eed fifty thousand rupees. It is proposed to substitute the aforesaid clause so as to provide that the provisions of sub-section (1) of section 194A shall not apply to income credited by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal. It is also proposed to insert a new clause (ixa) in sub-section (3) of section 194A to provide that the provisions of su....