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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Income Tax Act Amendment: Section 194H Tax Rate Cut to 5% & Threshold Raised to 15,000 Effective June 2016.</h1> Section 194H of the Income-tax Act was amended by the Finance Act, 2016, effective June 1, 2016. The amendment reduced the tax rate from ten percent to five percent. Additionally, the threshold for the first proviso was increased from five thousand rupees to fifteen thousand rupees.