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Amendment of section 194-I.

..... monetary limits specified under clause (a) or clause (b) of section 44AB , the words one crore rupees in case of business or fifty lakh rupees in case of profession shall be substituted. Clause 78 of the Bill seeks to amend 194-I of the Income-tax Act relating to rent. The said section provides that any person, not being an individual or a Hindu undivided family, who is responsible for paying to a .....

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..... nancial 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. It is proposed to amend the said proviso so as to provide 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 .....

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