Amendment of section 194A.

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...., for the words "five thousand rupees", the words "ten thousand rupees" shall be substituted; (iii) in the third proviso, -- (A) for the words "forty thousand rupees", the words "fifty thousand rupees" shall be substituted; (B) for the words "fifty thousand rupees", the words "one lakh rupees" shall be substituted; (b) in the proviso occurring after clause (xi), in cl....

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.... the account of, or to, the payee, does not exceed forty thousand rupees under given circumstances. Third proviso to sub-section (3) states that in case of senior citizens being the payee, forty thousand rupees in sub-section (3) of said section may be read as fifty thousand rupees. Proviso to sub-section (3) of section 194A of the Act states that a co-operative society as referred to in the se....

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....ction (3) of the said section of the Act so as to provide that the threshold of amount of interest, or aggregate of the amounts of interest, for requirement of deduction of tax at source under this section to exceed one lakh rupees instead of fifty thousand rupees. It is also proposed to amend clause (b) of proviso occurring after clause (xi) to sub-section (3) to the said section of the Act so....