Increasing threshold limit from 75000 to 1 lakh

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Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2016 Dear Experts
The threshold u/s 194C become increase
From 75000 to 1 Lakh, plz provide the amended section, circular etc. For the
Same....

Regard
Ankur singh

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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01 May 2016 The Finance Bill 2016 once pass in the Rajya Sabha the amended section will be available at the Income Tax Site http://www.incometaxindia.gov.in

The amendment is as below:

In section 194C of the Income-tax Act, in sub-section (5), in the proviso, for the words “seventy-five thousand rupees”, the words “one lakh rupees” shall be substituted with effect from the 1st day of June, 2016.

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