Section 75 - Amendment of section 194C - Finance Act, 2002

75. Amendment of section 194C.- In section 194C of the Income-tax Act, after sub-section(2) and before Explanation 1, the following proviso shall be inserted with effect from the 1st day of June, 2002, namely:- "Provided that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such sum is credited or paid to the account of the sub-contractor, shall be liable to deduct income-tax under this sub-section." .