Amendment of section 194C

Section 34 of the Finance Act, 1995 deals with amendment of section 194C. 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;

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]

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Section 34, The Finance Act, 1995 (Act 22 of 1995).