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of <h1>Amendment to Section 194M: Tax Deduction Rate Reduced from 5% to 2% for Certain Payments Effective October 2024.</h1> Clause 60 of the Finance (No. 2) Bill, 2024 proposes an amendment to section 194M of the Income-tax Act. It reduces the tax deduction rate from five percent to two percent for individuals or Hindu undivided families making payments to residents for work, commission, brokerage, or professional fees, excluding those obliged to deduct tax under sections 194C, 194H, or 194J. This amendment will be effective from October 1, 2024.
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