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of <h1>Finance Bill 2020 amends Section 194-I: New tax deduction limits on rent for businesses and professionals.</h1> Clause 78 of the Finance Bill, 2020, proposes an amendment to section 194-I of the Income-tax Act concerning rent. The amendment changes the monetary limits for individuals or Hindu undivided families required to deduct income tax on rent payments. Previously, the limits were specified under section 44AB. The new limits are set at one crore rupees for business and fifty lakh rupees for profession. This applies to those whose sales, receipts, or turnover exceed these amounts in the preceding financial year. The amendment is effective from April 1, 2020.
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