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."