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          <h1>Income-tax Act Section 194G: Tax Rate Reduced from 5% to 2%, Effective October 1, 2024, per Finance Act 2024.</h1> Section 194G of the Income-tax Act is amended by replacing the existing tax rate of 'five per cent.' with 'two per cent.' This change will take effect starting October 1, 2024, as stipulated in the Finance (No. 2) Act, 2024.

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