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of <h1>Finance Bill 2021 amends Income-tax Act section 194-IB; 5% tax on rent over 50,000/month. Effective July 1, 2021.</h1> Clause 46 of the Finance Bill, 2021, amends section 194-IB of the Income-tax Act, concerning rent payments by certain individuals or Hindu undivided families. It mandates a 5% tax deduction on rent payments exceeding fifty thousand rupees per month. The amendment modifies sub-section (4) to include section 206AB alongside section 206AA, affecting the maximum deductible amount, which cannot exceed the rent for the last month of the previous year or tenancy. This change is effective from July 1, 2021.
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