Section 35 - Amendment of Section 194I - Finance Act, 1995

35. Amendment of Section 194-I In section 194-I of the Income-tax Act, in the opening portion, for the words deduct income-tax thereon at the rate of twenty per cent. , the following shall be substituted with effect from the 1st day of July, 1995, namely :- deduct income-tax thereon at the rate of - (a) fifteen per cent. if the payee is an individual or a Hindu undivided family; and (b) twenty per cent. in other cases.