CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 194H.
39. In section 194H of the Income-tax Act, in the first proviso, for the words "two thousand five hundred rupees", the words "five thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
Notes on Clauses:
Clause 39 of the Bill seeks to amend section 194H of the Income-tax Act relating to commission or brokerage.
Under the existing provisions contained in the aforesaid section, no deduction shall be made in a case where the amount of income or the aggregate of the amounts of income relating to commission or brokerage credited or paid or likely to be credited or paid during the financial year to the account of, or to, the payee does not exceed two thousand five hundred rupees.
It is proposed to enhance the said limit from two thousand five hundred rupees to five thousand rupees.
This amendment will take effect from 1st July, 2010.
