Section 194A – Interest other than interest on securities

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....nsible for paying to a resident any interest income other than interest income on securities, shall deduct income-tax thereon at the rates in force. 2. Sub-section (3) of section 194A of the Act states that tax may not be required to be deducted when payment of interest income is by a payer of a specific nature and does not exceed a certain specified amount. These thresholds are higher in the cas....

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....ng 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) Rs. 40,000/- Rs. 50,000/- Rs. 50,000/- Rs. 1,00,000/- 2. A co-operative society engaged in carrying on the business of banking Rs. 40,000/- Rs. 50,000/- Rs. 50,000/- Rs. 1,00,000/- 3. on any deposit with post office under any schem....