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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tax Deduction Rates Updated in Section 194-I: 2% for Machinery, 10% for Land and Buildings from October 2009.</h1> Section 194-I of the Income-tax Act has been amended by the Finance (No. 2) Act, 2009, effective from October 1, 2009. The amendment replaces the existing clauses with new provisions specifying tax deduction rates: two percent for the use of machinery, plant, or equipment, and ten percent for the use of land, buildings (including factory buildings), land appurtenant to buildings (including factory buildings), furniture, or fittings.
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