TMI BlogCentral Government notifies that no deduction of tax shall be made on the payment under section 194A of the IT Act 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... 5(E). -In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby notifies that no deduction of tax shall be made on the following payment under section 194A of the said Act , namely payment in the nature of interest, other than interest on securities, made by a scheduled bank (hereinafter the payer ) loca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t made or aggregate of payments made during the previous year does not exceed twenty lakh rupees. Explanation .- For the purposes of this notification, the expression scheduled bank shall have the same meaning as assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934). 2. This notification shall come into force from the date of its publication in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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