Section 53 - Amendment of section 194A - Finance Act, 2007

Amendment of section 194A. 53. In section 194A of the Income-tax Act, in sub-section (3), in clause (i), for the words " does not exceed five thousand rupees", the following words, brackets, letters and figures shall be substituted with effect from the 1st day of June, 2007, namely:— "does not exceed — (a) ten thousand rupees, where the payer is a banking company to which the Banking Regulation Act, 1949 applies (including any bank or banking institution, referred to in section 51 of that Act); (10 of 1949) (b) ten thousand rupees, where the payer is a co-operative society engaged in carrying on the business of banking; (c) ten thousand rupees, on any deposit with post office under any scheme framed by the Central Government and notified by it in this behalf; and (d) five thousand rupees in any other case:".