# The Finance Act, 2020, Section 76: Amendment of Section 194C

- Act: The Finance Act, 2020
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2020/section/76/

## 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.

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