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of <h1>Finance Bill 2020: Income Tax Deduction Rates Unchanged; New Sections 194K, 194-O Added; 4% Cess for Non-Residents.</h1> The Finance Bill 2020 specifies the rates for income-tax deduction at source for the financial year 2020-21, applicable to incomes other than salaries. These rates remain unchanged from the Finance (No 2) Act, 2019. New sections 194K and 194-O have been added, and section 194's rate is set at 10%. Surcharges for non-residents vary from 10% to 37% based on income brackets, with specific rates for co-operative societies, firms, and companies. A 4% Health and Education Cess will be applied to income tax, including surcharges, for non-residents and foreign companies.
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