Section 47 - Amendment of section 194A - Finance Act, 1987

47. Amendment of section 194A In section 194A of the Income-tax Act, with effect from the 1st day of June, 1987, - (a) in sub-section (1), after the proviso, the following Explanation shall be inserted, namely :- Explanation : For the purposes of this section, where any income by way of interest as aforesaid is created to any account, whether called Interest payable account or Suspense account or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly. ; (b) in sub-section (3), in clause (i), for the words one thousand rupees , the words two thousand five hundred rupees shall be substituted.