Withholding rules for contractor payments now use turnover thresholds instead of audit liability and cover customer associates. The amendment to section 194C replaces the audit-liability test with turnover-based thresholds-total sales, gross receipts or turnover exceeding one crore for business or fifty lakh for profession-and revises the Explanation to treat manufacturing or supplying a product to a customer's specification using material purchased from that customer or its associate as within the provision, while inserting 'or associate of such customer' to extend coverage.
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Provisions expressly mentioned in the judgment/order text.
Withholding rules for contractor payments now use turnover thresholds instead of audit liability and cover customer associates.
The amendment to section 194C replaces the audit-liability test with turnover-based thresholds-total sales, gross receipts or turnover exceeding one crore for business or fifty lakh for profession-and revises the Explanation to treat manufacturing or supplying a product to a customer's specification using material purchased from that customer or its associate as within the provision, while inserting "or associate of such customer" to extend coverage.
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