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of <h1>Finance Bill 2020: Section 194J Amended to Adjust Tax Deduction Rates for Technical and Professional Fees</h1> Clause 79 of the Finance Bill, 2020 amends section 194J of the Income-tax Act, altering the tax deduction rates for fees for professional or technical services. The amendment reduces the tax deduction rate to two percent for fees related to technical services, excluding professional services, while maintaining a ten percent rate for other cases. Additionally, it revises the monetary thresholds for individuals or Hindu undivided families, requiring tax deductions if their business turnover exceeds one crore rupees or fifty lakh rupees for professions in the previous financial year. These changes are effective from April 1, 2020.
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