Amendment of section 194C.

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....es, gross receipts or turnover from business or profession carried on by him exceeding one crore rupees in case of business or fifty lakh rupees in case of profession" shall be substituted; (II) in clause (iv),-- (i) for sub-clause (e), the following sub-clause shall be substituted, namely:-- "(e) manufacturing or supplying a product according to the requirement or specification of a custome....

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.... shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent. where the payment is being made or credit is being given to an individual or a Hindu undivided family; two per cent. where the payment is being made or credit is bein....

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....ons or a body of individuals, if such person, has total sales, gross receipts or turnover from business or profession carried on by him exceeding one crore rupees in case of business or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such sum is credited or paid to the account of the contractor. Sub-clause (e) of clause (iv) of t....