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of <h1>Finance Bill 2016: Section 194DA Tax Deduction on Life Insurance Payouts Cut to 1% for Non-Exempt Policies</h1> Clause 74 of the Finance Bill, 2016, amends section 194DA of the Income-tax Act, reducing the tax deduction rate from two percent to one percent on payments made under life insurance policies that are not exempt under section 10(10D). This applies when the aggregate payment exceeds one hundred thousand rupees in a financial year. The amendment is effective from June 1, 2016.
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