CHAPTER III
DIRECT TAXES
Income-tax
Amendment of section 194-I.
40. In section 194-I of the Income-tax Act, in the first proviso, for the words "one hundred and twenty thousand rupees", the words "one hundred eighty thousand rupees" shall be substituted with effect from the 1st day of July, 2010.
Notes on Clauses:
Clause 40 of the Bill seeks to amend section 194-I of the Income tax Act relating to rent.
Under the existing provisions contained in the aforesaid section, no deduction of income-tax shall be made where the amount of income or the aggregate of the amounts of income relating to rent 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 one hundred and twenty thousand rupees.
It is proposed to enhance the said limit from one hundred and twenty thousand rupees to one hundred and eighty thousand rupees.
This amendment will take effect from 1st July, 2010.
