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National
Exemption limit enhanced
Special Correspondent
NEW DELHI:
The Centre has enhanced the threshold limit from Rs. 5,000 to Rs. 10,000 for exemption from tax deducted at source on the interest earned on any deposit under the Senior Citizens Savings Scheme, 2004.
The enhanced threshold limit, according to an official statement here, has come into force with effect from June 1 through a notification following the relevant amendment in the Income Tax Act, 1961.
No tax will henceforth be required to be deducted at source on the interest credited or paid or likely to be credited or paid on any deposit made under the Senior Citizens Savings Scheme, 2004 where such interest does not exceed Rs.10,000 during the financial year.
The move is expected to benefit many senior citizens. The enhanced exemption limit is also applicable with effect from June 1, 2007 on interest payments by banking companies and other co-operative banking societies.
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