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<h1>Finance Act 2024 amends Section 194-IB, reducing tax deduction rate from 5% to 2%, effective October 1, 2024.</h1> Section 194-IB of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024. The amendment changes the tax deduction rate specified in sub-section (1) from 'five per cent.' to 'two per cent.' This change will take effect starting October 1, 2024.