{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"76","heading":"Amendment of Section 194C","text":"Amendment of section 194C. 76. In section 194C of the Income-tax Act, in the Explanation,— (I) | in clause (i), in sub-clause (l), in item (B), for the words, brackets, letters and figures \"is liable to audit of accounts under clause (a) or clause (b) of section 44AB\", the words \"has total sales, gross receipts or turnover from business or profession carried on by him exceeding one crore rupees in case of business or fifty lakh rupees in case of profession\" shall be substituted; (II) | in clause (iv),— (i) | for sub-clause (e), the following sub-clause shall be substituted, namely:— \"(e) | manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer or its associate, being a person placed similarly in relation to such customer as is the person placed in relation to the assessee under the provisions contained in clause (b) of sub-section (2) of section 40A,\"; (ii) | in the long line, after the words \"other than such customer\", the words \"or associate of such customer\" shall be inserted.","html":"<p><b>Amendment of section 194C.</b></p><p><b>76.</b> In section 194C of the Income-tax Act, in the <i>Explanation</i>,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in clause (<i>i</i>), in sub-clause (<i>l</i>), in item (<i>B</i>), for the words, brackets, letters and figures \"is liable to audit of accounts under clause (<i>a</i>) or clause (<i>b</i>) of section 44AB\", the words \"has total sales, gross receipts or turnover from business or profession carried on by him exceeding one crore rupees in case of business or fifty lakh rupees in case of profession\" shall be substituted;</td></tr><tr><td>(<i>II</i>)</td><td></td><td>in clause (<i>iv</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for sub-clause (<i>e</i>), the following sub-clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>e</i>)</td><td></td><td>manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer or its associate, being a person placed similarly in relation to such customer as is the person placed in relation to the assessee under the provisions contained in clause (<i>b</i>) of sub-section (2) of section 40A,\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>in the long line, after the words \"other than such customer\", the words \"or associate of such customer\" shall be inserted.</td></tr></table></div>","words":183,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/76/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}