Tax collection rate under section 206C reduced, lowering the statutory collection-at-source obligation under the amended provision. The amendment substitutes the words 'two per cent.' with 'one and one-fourth per cent.' in sub-section (7) of section 206C of the Income-tax Act, thereby reducing the statutory collection rate applied to specified receipts under that provision, with effect from the 1st day of June, 2001.
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Provisions expressly mentioned in the judgment/order text.
Tax collection rate under section 206C reduced, lowering the statutory collection-at-source obligation under the amended provision.
The amendment substitutes the words "two per cent." with "one and one-fourth per cent." in sub-section (7) of section 206C of the Income-tax Act, thereby reducing the statutory collection rate applied to specified receipts under that provision, with effect from the 1st day of June, 2001.
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