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Jul 3, 2024 · What is the rate of TDS under Section 194C- TDS on contractors? The payer is required to deduct TDS at 1% in case the payment is made to an individual or HUF, and 2% if the payment is made to any other person.
Jan 10, 2020 · Section 194c requires any person making payment to person, carrying out any work in accordance with a contract between a specified person and the resident contractor, to deduct TDS at the specified rates.
Jul 4, 2021 · A exceeds Rs. 1 Crore in Financial year 31.03.2020 (Preceding year), he is required to deduct tax at source on payment made to contractor i.e., on ₹ 8 Lakhs at the applicable rate in force. TDS on advertisement. If payment is made by client to Advertisement agency, it is work contract and TDS u/s 194C is applicable.
Jul 23, 2024 · The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in India. Any person paying income is responsible to deduct tax at source and deposit TDS within the stipulated due date.
Jun 15, 2019 · What is Section 194C of the Income Tax Act and its applicability? Who is required to deduct TDS u/s 194C? What does work mean under section 194C? What is the meaning of contractor and subcontractor? What is the TDS tax rate & time of deduction of TDS u/s 194C? What is the limit for tax deduction u/s 194C?
Jun 28, 2020 · The rate of TDS will be 20% in all the above cases, if PAN is not quoted by the deductee on or after 1-4-2010. No surcharge, education cess and SHEC shall be added. Hence, TDS shall be deductible at basic rates.
Jul 23, 2024 · What Is Section 194M? In general, TDS/TCS provisions are to be complied with by individuals or HUFs only if they are doing business or profession and gross receipts exceed Rs.1 crore or Rs.50 lakhs, respectively.
Jun 12, 2018 · Any specified person responsible for paying any sum to any resident contractor for carrying out any work is required to deduct tax at source. TDS is also required to be deducted for payment to sub contractor. Tax is to be deducted even if contract is for supply of labour.
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.
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.
