Amendment of Section 194A

In force As on 07 Oct 2026

Ministry Finance

Section 75 of the Finance Act, 2020 deals with amendment of Section 194A. Amendment of section 194A. 75. In section 194A of the Income-tax Act,— (I) | in sub-section (1), in the proviso, for the words, brackets, letters 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

Amendment of section 194A.
75. In section 194A of the Income-tax Act,—
(I) in sub-section (1), in the proviso, for the words, brackets, letters 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) in clause (iii), after sub-clause (f), the following proviso shall be inserted, namely:—
"Provided that no notification under this sub-clause shall be issued on or after the 1st day of April, 2020.";
(C) 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, 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 rupees in any other case.";
(D) after Explanation 1, the following Explanation shall be inserted, namely:—
'Explanation 2.—For the purposes of 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.';
(III) after sub-section (4), the following sub-section shall be inserted, namely:—
"(5) The Central Government may, by notification in the Official Gazette, provide that the deduction of tax shall not be made or shall be made at such lower rate, from such payment to such person or class of persons, as may be specified in the said notification.".
Section 75, The Finance Act, 2020.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 194A Interest other than "Interest on securities"

Questions about Section 75

What does Section 75 of the Finance Act deal with?

Section 75 of the Finance Act is headed "Amendment of Section 194A". Amendment of section 194A. 75. In section 194A of the Income-tax Act,— (I) | in sub-section (1), in the proviso, for the words, brackets, letters 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

How do I find court cases under Section 75 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2020 75, section 75 Finance Act 2020, section 75 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 75 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 194A (Interest other than "Interest on securities"), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2020. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

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7. Amendment of Section 102233 words
53. Insertion of new sections 115BAC and 115BAD1625 words
153. Amendment of Act 28 of 20161366 words
116. Substitution of new section for section 8B1203 words
95. Amendment of Section 206C1116 words

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(I)		in sub-section (1), in the proviso, for the words, brackets, letters 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)		in clause (iii), after sub-clause (f), the following proviso shall be inserted, namely:—
		"Provided that no notification under this sub-clause shall be issued on or after the 1st day of April, 2020.";
(C)		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, 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 rupees in any other case.";

(D)		after Explanation 1, the following Explanation shall be inserted, namely:—
		'Explanation 2.—For the purposes of 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.';