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Amending definition of “work” in section 194C of the Act.

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..... r carrying out any work) in pursuance of a contract shall at the time of such credit or at the time of payment whichever is earlier deduct an amount equal to one per cent in case payment is made to an individual or an HUF and two per cent in other cases. Clause (iv) of the Explanation of the said section defines work . Sub-clause (e) of this definition includes manufacturing or supplying a product .....

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..... e shall fall within the purview of the work under section 194C. Associate is proposed to be defined to mean a person who is placed similarly in relation to the 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 of the Act. This amendment will take effect from 1st April, 2020. [Clause 76] Budget 2020-21 + FINAN .....

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