Amendment of section 194H.

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..... case of profession shall be substituted. - Clause 77 of the Bill seeks to amend section 194H of the Income-tax Act relating to commission or brokerage. The said section provides that any person, not being an individual or a Hindu undivided family, 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 re .....

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..... e that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from business or profession carried on by him exceed one crore rupees in case of business or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under the said section. .....

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