Amendment of section 194A

Section 53 of the Finance Act, 2007 deals with amendment of section 194A. Amendment of section 194A. 53. In section 194A of the Income-tax Act, in sub-section (3), in clause (i), for the words "does not exceed five thousand rupees", the following words, brackets, letters and figures shall be substituted with effect from the 1st day of June, 2007, namely:— "does not exceed

Amendment of section 194A.

53. In section 194A of the Income-tax Act, in sub-section (3), in clause (i), for the words "does not exceed five thousand rupees", the following words, brackets, letters and figures shall be substituted with effect from the 1st day of June, 2007, namely:—

"does not exceed—

(a ) ten thousand rupees, where the payer is a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution, referred to in section 51 of that Act);

(b ) ten thousand rupees, where the payer is a co-operative society engaged in carrying on the business of banking;

(c ) ten thousand rupees, on any deposit with post office under any scheme framed by the Central Government and notified by it in this behalf; and

(d ) five thousand rupees in any other case:".

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Section 53, The Finance Act, 2007.