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of <h1>Amendment to Section 194: No Tax Deduction on Dividends Below 1000 Paid via Account Payee Cheque from June 2002.</h1> Section 194 of the Income-tax Act is amended to replace the first and second provisos, effective June 1, 2002. The amendment stipulates that no tax deduction will be made for individual shareholders if the dividend is paid by an account payee cheque and does not exceed one thousand rupees in a financial year. Additionally, the section does not apply to dividends credited or paid to the Life Insurance Corporation of India, the General Insurance Corporation of India, its associated companies, or any other insurer, regarding shares they own or have a full beneficial interest in.
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