November 12, 2024

Amendment of section 194M In section 194M of the Income-tax Act, in sub-section (1), for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194-IB In section 194-IB of the Income-tax Act, in sub-section (1), for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194-IA In section 194-IA of the Income-tax Act, in sub-section (2), the following proviso shall be inserted with effect from the 1st day of October, 2024, namely:— “Provided that where there is more than one transferor or transferee in respect of any immovable property, then the consideration shall be the aggregate of the amounts paid or payable by all the transferees to the transferor or all the transferors for transfer of such immovable property.”.

Amendment of section 194H In section 194H of the Income-tax Act, for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194G In section 194G of the Income-tax Act, for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Omission of section 194F Section 194F of the Income-tax Act shall be omitted with effect from the 1st day of October, 2024.

Amendment of section 194DA In section 194DA of the Income-tax Act, for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194C In section 194C of the Income-tax Act, in the Explanation, in clause (iv), for the long line, the following long line shall be substituted with effect from the 1st day of October, 2024, namely:— “but does not include— (A)   manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer or associate of such customer; or (B)   any sum referred to in sub-section (1) of section 194J.”.