Income Tax Act, 2025
Section 9: Ins. by Act 20 of 2015, s. 43 (w.e.f. 12015).
9. Ins. by Act 20 of 2015, s. 43 (w.e.f. 12015).
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1[Provided also that in case of payee being a senior citizen, the provisions of sub-clause (a),
sub-clause (b), and sub-clause (c) shall have effect as if for the words “2[forty thousand] thousand
rupees”, the words “fifty thousand rupees” had been substituted.
Explanation.—For the purposes of this clause, “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;]
3* * * * *
(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 in carrying on the business of banking (including a
co-operative land mortgage bank), or
(b) any financial corporation established by or under a Central, State or Provincial Act, or
(c) the Life Insurance Corporation of India established under the Life Insurance Corporation
Act, 1956 (31 of 1956), or
(d) the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963),
or
(e) any company or co-operative society carrying on the business of insurance, or
(f) such other institution, association or body 4[or class of institutions, associations or bodies]
which the Central Government may, for reasons to be recorded in writing, notify in this behalf in
the Official Gazette;
5[(iv) to such income credited or paid by a firm to a partner of the firm;]
(v) to such income credited or 6[paid by a co-operative society (other than a co-operative bank) to
a member thereof or to such income credited or paid by a co-operative society] to any other
co-operative society;]
7[Explanation.—For the purposes of this clause, “co-operative bank” shall have the same meaning as
assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949);]
8[(vi) to such income credited or paid in respect of deposits under any scheme framed by the
Central Government and notified by it in this behalf in the Official Gazette;
9[(vii) to such income credited or paid in respect of deposits (other than time deposits made on or
after the 1st day of July, 1995) with 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);
shall have effect as if for the words “2[forty thousand] thousand
rupees”, the words “fifty thousand rupees” had been substituted.
Explanation.—For the purposes of this clause, “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;]
3* * * * *
to such income credited or paid to—
any banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies,
or any co-operative society engaged in carrying on the business of banking (including a
co-operative land mortgage bank), or
any financial corporation established by or under a Central, State or Provincial Act, or
the Life Insurance Corporation of India established under the Life Insurance Corporation
Act, 1956 (31 of 1956), or
the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963),
or
any company or co-operative society carrying on the business of insurance, or
such other institution, association or body 4[or class of institutions, associations or bodies]
which the Central Government may, for reasons to be recorded in writing, notify in this behalf in
the Official Gazette;
5[
to such income credited or paid by a firm to a partner of the firm;]
to such income credited or 6[paid by a co-operative society (other than a co-operative bank) to
a member thereof or to such income credited or paid by a co-operative society] to any other
co-operative society;]
7[Explanation.—For the purposes of this clause, “co-operative bank” shall have the same meaning as
assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949);]
8[
to such income credited or paid in respect of deposits under any scheme framed by the
Central Government and notified by it in this behalf in the Official Gazette;
9[
to such income credited or paid in respect of deposits (other than time deposits made on or
after the 1st day of July, 1995) with 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);