9911796707
TMI BlogAmendment of section 194A.X X X X Extracts X X X X X X X X Extracts X X X X ..... ifty lakh rupees in case of profession shall be substituted; (II ) in sub-section (3 ), (A ) in clause (i ), the Explanation shall be omitted; (B ) after clause (xi ) and before Explanation 1, the following proviso shall be inserted, namely: Provided that a co-operative society referred to in clause (v ) or clause ( viia ) shall be liable to deduct income-tax in accordance with the provisions of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant previous year. . - Clause 75 of the Bill seeks to amend section 194A of the Income-tax Act relating to interest other than Interest on securities . Sub-section (1) of the said section provides that any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of interest other than income by way of interest on securities, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les, gross receipts or turnover from the business or profession carried on by him exceed one crore rupees in case of business or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under the said section. Sub-section (3) of the said section provides for circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a cooperative society (other than a co-operative bank) to a member thereof or to such income credited or paid by a cooperative society to any other co-operative society. Clause (viia) of sub-section (3) provides that sub-section (1) shall not apply to such income credited or paid in respect of, deposits with a primary agricultural credit society or a primary credit society or a co-operative land m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st, or the aggregate of the amount of such interest, 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 rupee in any other case. It is further proposed to provide that the Explanation which provides for the meaning of the expression senior citizen will be for the purposes of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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