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<h1>Income Tax Act Section 194G Amended: Threshold Raised to 15,000, Tax Rate Reduced to 5% Effective June 1, 2016.</h1> Section 194G of the Income-tax Act was amended by the Finance Act, 2016, effective from June 1, 2016. The amendment increased the threshold amount from 'one thousand rupees' to 'fifteen thousand rupees' and reduced the tax rate from 'ten per cent.' to 'five per cent.'