Section Text
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 (3 of 1956); or" shall be substituted;
(b) after clause (i), the following clause shall be inserted, namely :-
"(j) 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.