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Jul 3, 2024 · Section 194C of the Income Tax Act governs tax deductions on payments made to contractors and subcontractors for work contracts. Find out what is section 194c and rate of TDS
Jan 10, 2020 · Section 194C of the Income Tax Act states that any person making payment to a resident person, who is carrying out any ‘work’ in terms of the contract between the ‘specified person’ and the resident contractor, is required to deduct TDS.
Jul 4, 2021 · a. Amount is paid or payable to a resident contractor during the course of plying, hiring or leasing goods carriage (here-in-after referred to as transport operator).
Jun 28, 2020 · But if the goods are transported continuously in pursuance of a contract for a specific period or quantity, each GR will not be a separate contract and all GRs relating to that period or quantity will be aggregated for the purpose of the TDS.
Jun 15, 2019 · Section 194C covers the TDS that is deducted from specific payments made to contractors and subcontractors. Hence, a proper and detailed understanding of the section is required to avoid future unseen problems in your business. Let us understand further. Contents. What is Section 194C of the Income Tax Act and its applicability?
Jul 1, 2024 · TDS on Contractor is a tax mechanism where the payer deducts a certain percentage as tax when making payments to contractors and remits it to the government on behalf of the contractor.
Apr 30, 2024 · As per the Union Budget 2019, any individual/HUF paying any sum to a resident for carrying out any work (including the supply of labour) under any contract or by way of fees for professional services rendered during the financial year exceeding Rs 50,00,000 in a year will have to deduct TDS at 5%.
Feb 10, 2023 · Section 194C -TDS on Payment to contractor or sub contractor. Here’s a quick guide on TDS on Contract- Section 194C. Sec. 194C of the Income Tax Act, talks about deduction of tax at source (TDS) on payments to contractor or sub contractor for certain types of work contracts.
Nov 6, 2023 · As per section 194C of the Income Tax Act, 1961 if any person pays an amount to any resident contractor in pursuance of a contract between the contractor and a specified person then the specified person needs to deduct TDS. Here, the existence of a contract plays a crucial role and defines the necessity of deduction of TDS.
Feb 13, 2023 · TDS on Contractor Payments, All about Section 194C. by Sakshi February 13, 2023. Contents hide. 1 Application Of Section 194C. 2 Non-Applicability Of Section 194C. 3 What is the Meaning of Work for the Purpose of Section 194C? 4 Constitution Of ‘Work’ As Per Section 194C. 5 Definition Of Contractor And Subcontractor As Per Section 194C.
