India - Income Tax Act 2010 - Saarc

S. 194A I.T. ACT, 1961 1.746(b) ten thousand rupees, where the payer is a co-operative societyengaged in carrying on the business of banking;(c) ten thousand rupees, on any deposit with post office under anyscheme framed by the Central Government and notified 14 by it inthis behalf; and(d) five thousand rupees in any other case]:]15[Provided that in respect of the income credited or paid in respectof—(a) time deposits with a banking company to which the BankingRegulation Act, 1949 (10 of 1949) applies (including any bank orbanking institution referred to in section 51 of that Act); or(b) time deposits with a co-operative society engaged in carrying onthe business of banking;(c) deposits with a public company which is formed and registeredin India with the main object of carrying on the business ofproviding long-term finance for construction or purchase ofhouses in India for residential purposes 16 [and which is eligible fordeduction under clause (viii) of sub-section (1) of section 36]17[***],18[* * *] the aforesaid amount shall be computed with reference to theincome credited or paid by a branch of the banking company or theco-operative society or the public company, as the case may be;](ii) 19 [***](iii) to such income credited or paid to—(a) any banking company to which the Banking Regulation Act, 1949(10 of 1949), applies, or any co-operative society engaged incarrying on the business of banking (including a co-operativeland mortgage bank), or(b) any financial corporation established by or under a Central, Stateor Provincial Act, or(c) the Life Insurance Corporation of India established under theLife Insurance Corporation Act, 1956 (31 of 1956), or14. Notified scheme is Senior Citizens Savings Scheme Rules, 2004. For details, see Taxmann’sMaster Guide to Income-tax Act & Taxmann’s Income-tax Rules.15. Substituted by the Finance (No. 2) Act, 1996, w.e.f. 1-10-1996. Prior to its substitution,proviso was inserted by the Finance Act, 1995, w.e.f. 1-7-1995.16. Inserted by the Finance Act, 2000, w.e.f. 1-4-2000.17. Words “and which is for the time being approved by the Central Government for thepurpose of clause (viii) of sub-section (1) of section 36” omitted by the Finance Act, 1999,w.e.f. 1-4-2000.18. The following portion in the proviso omitted by the Finance Act, 2001, w.e.f. 1-6-2001 :‘the provisions of this clause shall have effect as if for the words “two thousand fivehundred rupees”, the words “ten thousand rupees” had been substituted and’19. Clause (ii) omitted by the Finance Act, 1999, w.e.f. 1-4-2000.