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Amendment of section 194-I.

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..... 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 resident any income by way of rent, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in .....

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..... 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 or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such income by way of ren .....

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