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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).
5 days ago · 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.
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.
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.
