# The Finance Act, 1995, Section 34: Amendment of section 194C

- Act: The Finance Act, 1995 (Act 22 of 1995)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1995/section/34/

## Text

Amendment of section 194C. 34. In section 194C of the Income-tax Act, with effect from the 1st day of July, 1995,— (i) in sub-section (1),— (a) in clause (i), for the words and figures "University Grants Commission Act, 1956 (3 of 1956), "the words and figures "University Grants Commission Act, 1956; or" shall be substituted; (b) after clause (i), the following clause shall be inserted, namely:— "(i) any firm,"; (c) for the words "deduct an amount equal to two per cent. of such sum as income-tax on income comprised therein", the following shall be substituted, namely:— "deduct an amount equal to—- (i) one per cent. in case of advertising, (ii) in any other case two per cent., of such sum as income-tax on income comprised therein;"; (ii) below sub-section (2), after Explanation II, the following Explanation shall be inserted, namely:— 'Explanation III.—For the purposes of this section, the expression "work" shall also include— (a) advertising; (b) broadcasting and telecasting including production of programmes for such broadcasting or telecasting; (c) carriage of goods and passengers by any mode of transport other than by railways; (d) catering.; (iii) in sub-section (3), in clause (i), for the words "ten thousand rupees", the words "twenty thousand rupees" shall be substituted. [Finance Act, 1995] © Copyright. Taxmann Publications Pvt. Ltd.

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