Amendment of section 194A.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 clause (b),-- (i) for the words, "fifty thousand rupee....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 section shall be liable to deduct income-tax in this section in certain cases. It is pr....