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of <h1>Finance Bill 2024: TDS Rate Reduced from 5% to 2% for Specific Payments by Individuals or HUFs. Effective Oct 1, 2024.</h1> Section 194M of the Finance Bill 2024 proposes a reduction in the tax deduction at source (TDS) rate from 5% to 2% for certain payments made by individuals or Hindu undivided families. This applies to payments for work, commission, brokerage, or professional fees not covered under sections 194C, 194H, or 194J. The amendment aims to simplify and rationalize the taxation of capital gains and will be effective from October 1, 2024.
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