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of <h1>Finance Act 1994 amends Income-tax Act: Section 194C now includes foreign contracts under 'contractor' definition. Effective June 1, 1994.</h1> In the Finance Act of 1994, section 194C of the Income-tax Act is amended to include a new Explanation I, effective from June 1, 1994. This explanation clarifies that the term 'contractor' for the purposes of sub-section (2) encompasses those contractors engaged in any work, including the supply of labor, under a contract with a foreign government, foreign enterprise, or any association or body established outside India. The existing explanation is renumbered as Explanation II.
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