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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 ..... 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 Government and notified by it in this behalf; and (d) five thousan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ehalf 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 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (viia) to such income credited or paid in respect of,- (a) deposits with a primary agricultural credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 class of persons, as may be specified in the said notification.] Explanation.-[Omitted by the Finance Act, 1992, w.e.f. 1-6-1992.] ******************** Notes:- 1. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. 2. Substituted for 'chargeable under the head "Interest on securities&q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the Central Government for the purpose of clause (viii) of sub-section (1) of section 36" omitted by the Finance Act, 1999, w.e.f. 1-4-2000. 11. The following portion in the proviso omitted by the Finance Act, 2001, w.e.f. 1-6-2001 : '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' 12. Clause (ii) omitted by the Finance Act, 1999, w.e.f. 1-4-2000. Prior to its omission, clause (ii) read as under : "(ii) to such income credited or paid before the 1st day of October, 1967;" 13. Inserted by the Finance Act, 1968, w.e.f. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e may be, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees;]" 30. Substituted vide THE FINANCE ACT, 2015 w.e.f. 1st day of June, 2015, before it was read as, "excluding" 31. Inserted vide THE FINANCE ACT, 2018 32. Substituted vide FINANCE ACT, 2019 w.e.f 01-04-2019 before it was read as "ten thousand" 33. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as "the monetary limits specified under clause (a) or clause (b) of section 44AB" 34.Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as "Explanation.-For the purposes of this clause, "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;" 35. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 36. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 37. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 38. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 39. Inserted vide THE FINANCE ACT, 2021 d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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