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Start Free TrialFinance Act 1972 Chapter III
Title: Direct Taxes-income-tax
State: Central
Year: 1972
.....: Provided that no deduction shall be made under this section from any payment made before the 1st day of June, 1972. 194C. Payments to contractors and sub-contractors. - (1) Any person responsible for paying any sum to any resident (hereafter in this section referred to as the contractor) for carrying out any work (including supply or labour for carrying out any work) in pursuance of a contract between the contractor and - (a) the Central Government or any State Government; or (b) any local authority; or (c) any corporation established by or under a Central, State or provincial Act; or (d) any company, shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to 2 per cent. of such sum as income-tax on income comprised therein. (2) Any person (being a contractor and not being an individual or a Hindu undivided family) responsible for paying any sum to any resident (hereafter in this section referred to as the sub-contractor) in pursuance of a contract with the sub-contractor for carrying out, or for the.....
View Complete Act List Judgments citing this sectionFinance Act 1972 Section 3
Title: Amendment of Section 2
State: Central
Year: 1972
In section 2 of the Income-tax Act, - (a) in clause (14), for sub-clause (ii), the following sub-clause shall be substituted with effect from the 1st day of April, 1973, namely :- (ii) personal effects, that is to say, movable property (including wearing apparel and furniture, but excluding jewellery) held for personal use by the assessee or any member of his family dependent on him. Explanation : For the purposes of this sub-clause, "jewellery" includes - (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel;"; (b) in clause (24), - (i) after sub-clause (ii), the following sub-clause shall be inserted with effect from the 1st day of April, 1973, namely :- (iia) voluntary contributions received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such.....
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