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TMI BlogInterest other than Interest on securitiesX X X X Extracts X X X X X X X X Extracts X X X X ..... , 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.] (2) 5 [ Omitted by the Finance Act, 1992, w.e.f. 1-6-1992 . ] (3) The provisions of sub-section (1) shall not apply- 6 [( i ) where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person referred to in sub-section (1) to the account of, or to, the payee, 7 [ does not exceed- (a) 32 [ forty thousand ] rupees, where the payer is a banking 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); (b) 32 [ forty thousand ] rupees, where the payer is a co-operative society engaged in carrying on the business of banking; (c) 32 [ forty thousand ] rupees, on any deposit with post office under any scheme framed by the Central Governm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion or body 13 [or class of institutions, associations or bodies] which the Central Government may, for reasons to be recorded in writing, notifyin this behalf in the Official Gazette; 35 [ Provided that no notification under this sub-clause shall be issued on or after the 1st day of April, 2020. ] 14 [( iv ) to such income credited or paid by a firm to a partner of the firm;] ( v ) to such income credited or 27 [ paid by a co-operative society (other than a co-operative bank) to a member thereof or to such income credited or paid by a co-operative society ] to any other co-operative society;] 28 [ Explanation. -For the purposes of this clause, co-operative bank shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949);] 16 [( vi ) to such income credited or paid in respect of deposits under any scheme framed by the Central Government and notifiedby it in this behalf in the Official Gazette; 17 [( vii ) to such income credited or paid in respect of deposits (other than time deposits made on or after the 1st day of July, 1995) with a banking company to which the Banking Regulation Act, 1949 (10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erest, credited or paid, or is likely to be credited or paid, during the financial year is more than fifty thousand rupees in case of payee being a senior citizen and forty thousand rupees in any other case. ] 21 [ Explanation 1 .- For the purposes of clauses ( i ), ( vii ) and ( viia ), time deposits means deposits ( 30 [including] recurring deposits) repayable on the expiry of fixed periods. 37 [ Explanation 2.- For the purposes of this sub-section, senior citizen means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year. ] Explanation 2 .- 22 [***]] 23 [(4) The person responsible for making the payment referred to in sub-section (1) may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year.] 38 [ (5) The Central Government may, by notification in the Official Gazette, provide that the deduction of tax shall not be made or shall be made at such lower rate, from such payment to such person or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lier the quoted words were amended by the Finance Act, 1987, w.e.f. 1-6-1987 and Finance Act, 2000, w.e.f. 1-6-2000. 8. Substituted by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996. Prior to its substitution, proviso, as inserted by the Finance Act, 1995, w.e.f. 1-7-1995, read as under : 'Provided that in respect of the income credited or paid in respect of time deposits with a banking 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) or with a co-operative society engaged in carrying on the business of banking, the provisions of this clause shall have effect as if for the words two thousand five hundred rupees , the words ten thousand rupees had been substituted and the aforesaid amount shall be computed with reference to the income credited or paid by a branch of the banking company or the co-operative society, as the case may be;' 9. Inserted by the Finance Act, 2000, w.e.f. 1-4-2000. 10. Words and which is for the time being approved by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act, 2006, w.e.f. 1-4-2006. Prior to its omission, Explanation 2 read as under: ' Explanation 2.- For the purposes of clause (x), infrastructure capital company and infrastructure capital fund shall have the meanings respectively assigned to them in clauses (a) and (b) of Explanation 1 to clause (23G) of section 10.' 23. Inserted by the Finance Act, 1975, w.e.f. 1-4-1975. 24. Inserted vide Finance (No.2) Act, 2009, w.e.f. 1-4-2009 25. Inserted vide THE FINANCE (No. 2) ACT, 2014w.e.f. 1st day of October, 2014 26. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015 27. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015, before it was read as, paid by a co-operative society 15 [to a member thereof or] 28. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015 29. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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