|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).