Section 34 - Amendment of Section 194C - Finance Act, 1995

34. Amendment of Section 194C 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.