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Section 194H - Payment of commission or brokerage (Rationalisation and Simplification of taxation of Capital Gains) Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 - Finance BillExtract Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 As per provisions of section 194H , any person, not being an individual or a Hindu undivided family (as specified), who is responsible for paying, on or after the 1st day of June, 2001, to a resident, any income by way of commission (not being insurance commission referred to in section 194D ) or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of 5%. 2. It is proposed that TDS under section 194H of the Act be reduced from 5% to 2%. 3. The amendment will take effect from 1st day of October 2024. [Clause 57] Full Text : Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
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