Insertion of new sections 194M and 194N.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....viduals or Hindu undivided family. '194M. (1) Any person, being an individual or a Hindu undivided family (other than those who are required to deduct income-tax as per the provisions of section 194C, section 194H or section 194J) responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract, by w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the purposes of this section,-- (a) "contract" shall have the meaning assigned to it in clause (iii) of the Explanation to section 194C; (b) "commission or brokerage" shall have the meaning assigned to it in clause (i) of the Explanation to section 194H; (c) "professional services" shall have the meaning assigned to it in clause (a) of the Explanation to section 194J; ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... amount equal to two per cent. of sum exceeding one crore rupees, as income-tax: Provided that nothing contained in this sub-section shall apply to any payment made to,-- (i) the Government; (ii) any banking company or co-operative society engaged in carrying on the business of banking or a post office; (iii) any business correspondent of a banking company or co-opera....