Section 38 - Amendment of section 194C - Finance Act, 1988

38. Amendment of section 194C In section 194C of the Income-tax Act, after sub-section (2), the following Explanation shall be inserted with effect from the 1st day of June, 1988, namely :- Explanation : For the purposes of this section, where any sum referred to in sub-section (1) or sub-section (2) is credited to any account, whether called Suspense account or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly. .