Finance Act, 1995 Section 35 - Bare Act |
| State | Central Government |
| Year | 1995 |
| Section Title | Amendment of Section 194-i |
In section 194-I of the Income-tax Act, in the opening portion, for the words "deduct income-tax thereon at the rate of twenty per cent.", the following shall be substituted with effect from the 1st day of July, 1995, namely :-
"deduct income-tax thereon at the rate of -
(a) fifteen per cent. if the payee is an individual or a Hindu undivided family; and
(b) twenty per cent. in other cases."