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of <h1>Finance Bill 2016: Section 194G Amendment Raises Lottery Commission Tax Deduction Threshold and Lowers Tax Rate</h1> Clause 76 of the Finance Bill, 2016 amends section 194G of the Income-tax Act, effective June 1, 2016. The amendment increases the threshold for income tax deduction on commissions related to lottery ticket sales from one thousand rupees to fifteen thousand rupees. Additionally, the tax deduction rate is reduced from ten percent to five percent. These changes apply to income from stocking, distribution, purchase, or sale of lottery tickets, credited or paid to the payee, whichever occurs first within the financial year.
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