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Amendment of section 194A.

..... s and figures the monetary limits specified under clause (a) or clause (b) of section 44AB , the words one crore rupees in case of business or fifty 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 .....

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..... 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. . 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 fa .....

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..... his 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 credi .....

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..... is a senior citizen. Clause (v) of sub-section (3) provides that sub-section (1) shall not apply to such income credited or paid by 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 cre .....

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..... ly 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 .....

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