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3 days ago · 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 · 29.01.2021. 17000. As per section 194C (5), tax has to be deducted at source where the amount credited or paid or likely to be credited or paid to a contractor or sub-contractor exceeds 30,000 in a single payment or 1,00,000 in aggregate during the financial year.
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?
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%.
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.
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.
