Amendment to [ Section-194-A ] w.e.f. Assessment Year 2019-2020 under Income Tax Act.
Interest (other than interest on securities) is subject to tax deduction under section 194A. Tax deduction is applicable if the aggregate amount of interest paid / payable by a bank / co-operative bank / post office exceeds Rs. 10,000 in a financial year. This threshold limit of Rs. 10,000 has been increased (with effect from April 1, 2018) to Rs. 50,000 if the recipient of interest is a senior citizen (i.e. an Indian citizen who is of age of 60 years or more at any time during the previous year).
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