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of <h1>Amendment to Section 194C: Redefining 'Work' in Contractor Payments, Excludes Specific Manufacturing Activities Effective October 1, 2024.</h1> Clause 53 of the Finance (No. 2) Bill, 2024, proposes an amendment to section 194C of the Income-tax Act concerning payments to contractors. The amendment revises clause (iv) in the Explanation to redefine 'work' by excluding manufacturing or supplying products per customer specifications using materials purchased from third parties, and any sum referred to in sub-section (1) of section 194J. This change is set to take effect on October 1, 2024.
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