TMI BlogAmendment of section 194A.X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 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 sub-section (1 ), if (a ) the total sales, gross receipts or turnover of the co-operative society exceeds fifty crore rupees during the financial year immediately preceding the financial year in which the interest referred to in sub-section (1 ) is credited or paid; and (b ) the amount of interest, or the aggregate of the amounts of such interest, credited or paid, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under this section. It is proposed to amend the said proviso so as to provide that an individual or a Hindu undivided family, whose total sales, 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 circumstances in which the provisions of sub-section (1) shall not apply. Clause (i) of sub-section (3) prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iety referred to in clause (v) or clause (viia) shall be liable to deduct income-tax in accordance with the provisions of sub-section (1), if (a) the total sales, gross receipts or turnover of the co-operative society exceeds fifty crore rupees during the financial year immediately preceding the financial year in which the interest referred to in sub-section (1) is credited or paid; and (b) the amount of interest, 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 fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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