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Jul 3, 2024 · If the payment made to the contractor is not more than Rs.30,000, no TDS is required to be deducted on the payment to the contractor. However, if the total of all such payments made or to be made during a financial year exceeds Rs.1,00,000; TDS shall be deducted under Section 194C.
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 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%.
May 13, 2024 · Section 194C: TDS on Contractors or Job Work. Shaurabh Gupta , Last updated: 13 May 2024. Share. Note: Click here to know the TDS Rates applicable for FY 2023-24 or AY 2024-25. Points To Remember. Table of Contents. What is TDS Section 194C? Who is liable to deduct TDS under Section 194C? Who is a sub-contractor? Non-applicability of section 194C.
Jul 1, 2024 · TDS on Contractor: Key Insights into Section 94C of IT Act - Tax Guide. By Priya Mulukutla / July 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.
Jun 14, 2023 · In-depth guide covering Section 194C of the Income Tax Act, 1961 discuss the concept of Tax Deducted at Source (TDS), applicable when making specific payments to contractors or subcontractors, with comprehensive insight into the conditions, definitions, and tax deduction responsibilities.
Feb 10, 2023 · What is TDS exemption limit for contractor and sub-contractor? Currently, threshold limit (exemption limit) specified under section 194C is Rs. 30,000 in case of single contact transactions and Rs.100,000 aggregate in a financial year. Who is responsible to deduct TDS U/s 194C?
Nov 6, 2023 · What is Section 194C of Income Tax Act? 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.
6 days ago · Section 194M of the Income Tax Act mandates Tax Deducted at Source (TDS) on payments made to resident contractors and professionals. Introduced to enhance tax compliance, this provision aims to capture high-value transactions that were previously outside the TDS net. Contents. What is section 194M?
Jul 24, 2024 · TDS is to be deducted at the rate of 2% on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs.2,50,000. No deduction of Tax is required when the location of supplier and place of supply is different from the State of the registration of the recipient.
