{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/"},"unit":"section","section":{"number":"53","heading":"Amendment of section 194C","text":"Amendment of section 194C. 53. 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.\".","html":"<p><b>Amendment of section 194C.</b></p><p><b>53. </b>In section 194C of the Income-tax Act, in the <i>Explanation</i>, in clause (<i>iv</i>), for the long line, the following long line shall be substituted with effect from the 1st day of October, 2024, namely:—</p><p>\"but does not include—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(A)</td><td></td><td>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</td></tr><tr><td>(B)</td><td></td><td>any sum referred to in sub-section (1) of section 194J.\".</td></tr></table></div>","words":88,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/53/","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."}