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of <h1>Finance Bill 2010 amends section 194C, raising tax deduction thresholds for contractor payments from July 1, 2010.</h1> Clause 37 of the Finance Bill, 2010, amends section 194C of the Income-tax Act, effective July 1, 2010. It increases the threshold for non-deduction of income tax on payments to contractors. Previously, no tax was deducted if a single payment did not exceed twenty thousand rupees, or if aggregate payments during a financial year did not exceed fifty thousand rupees. The amendment raises these limits to thirty thousand rupees for a single transaction and seventy-five thousand rupees for aggregate transactions within a financial year.
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