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of <h1>Clause 59 amends Income-tax Act section 194-IB, reducing rent tax deduction rate from 5% to 2% starting October 2024.</h1> Clause 59 of the Finance (No. 2) Bill, 2024 proposes an amendment to section 194-IB of the Income-tax Act, which pertains to the tax deduction on rent payments by certain individuals or Hindu undivided families. The amendment reduces the tax deduction rate from five percent to two percent for rent payments exceeding fifty thousand rupees per month. This change is applicable to individuals or Hindu undivided families, excluding those mentioned in the second proviso to section 194-I. The amendment is set to take effect from October 1, 2024.
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