TMI BlogAmendment of section 194C.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ) fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said section provides that any person responsible for paying any sum to any resident (referred to as the contractor) for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and a specified person 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 iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial year in which such sum is credited or paid to the account of the contractor. It is proposed to amend the said sub-clause so as to define the expression specified person to mean any person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, if such person, has total sales, gross receipts or turnover from business or profession carr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. It is also proposed to insert or associate of such customer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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