Finance Act, 1995 Section 34

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.