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of <h1>Finance Bill 2025 raises interest income tax deduction thresholds under Section 194A, benefiting seniors and depositors. Effective April 1, 2025.</h1> Section 194A of the Finance Bill, 2025, outlines the tax deduction requirements for interest income other than securities. It mandates that entities, excluding individuals and Hindu undivided families, deduct income tax on such interest payments to residents. Exemptions apply when payments are below specified thresholds, which are higher for senior citizens. Proposed amendments increase these thresholds: for banks, cooperative societies, and post office deposits, the threshold rises from Rs. 40,000 to Rs. 50,000, and for senior citizens, from Rs. 50,000 to Rs. 1,00,000. Other cases see an increase from Rs. 5,000 to Rs. 10,000. These changes are effective April 1, 2025.
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