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of <h1>Finance Bill 2020 amends Section 194C: New thresholds for 'specified person' and expanded 'work' definition for tax deductions.</h1> Clause 76 of the Finance Bill, 2020 amends section 194C of the Income-tax Act regarding payments to contractors. It revises the criteria for defining a 'specified person' by setting a threshold of total sales, gross receipts, or turnover exceeding one crore rupees for businesses and fifty lakh rupees for professions. Additionally, the definition of 'work' now includes manufacturing or supplying a product using materials from a customer or their associate, aligning with provisions in section 40A. These changes are effective from April 1, 2020, and affect the tax deduction responsibilities of those making payments under contracts.
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