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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).
Jul 23, 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%.
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 23, 2024 · TDS Rate Chart for FY 2024-2025 (AY 2025-2026): Tax Deduction at Source (TDS) is one of the important compliances of Income Tax. Find out the TDS rates applicable to resident and non-resident Indians.
Jun 28, 2020 · as per section 194C (6), no deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the person paying or crediting such sum.
Feb 3, 2023 · As per section 194C, when a person is responsible for paying any sum to a resident contractor for carrying out any work (including the supply of labour) in the execution of a contract between the contractor and the specified person, then they shall deduct TDS while making the payment.
Dec 30, 2022 · TDS must be deducted by all persons and entities who are entitled to pay any sum to any resident contractor for the pursuance of any work in accordance with a contract. TDS must be deducted for contractor payments by the following class of persons and entities:
Section 194C of Income Tax Act, 1961 deals with the TDS that has to be deducted from specific payments made to resident contractors and sub-contractors. Generally, individuals paying the contractors or sub-contractors are entrusted with the responsibilities of deducting TDS.
