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of <h1>Finance Bill 2020 amends section 194, revising dividend tax rules: 10% rate, new 5,000 rupee threshold.</h1> Clause 74 of the Finance Bill, 2020 proposes amendments to section 194 of the Income-tax Act concerning dividend payments. The amendments include allowing dividend payments by any mode, not just cash or cheque, and setting a fixed tax deduction rate of ten percent. The threshold for dividend payment without tax deduction is increased from 2,500 to 5,000 rupees. Additionally, the third proviso of the section is to be omitted. These changes are effective from April 1, 2020, aiming to streamline the process and update the tax deduction framework for dividends.
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