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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
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). b.
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.
Jun 14, 2023 · Any “specified person” responsible for paying any sum to any resident contractor for carrying out any work (including supply of labor for carrying out any work) in pursuance of a contract shall be liable to deduct tax at source under section 194C. The contract shall include any sub-contract.
May 13, 2024 · TDS Section 194C contains provisions with respect to TDS on payment made to resident contractors and sub-contractors. Section 194C is a very important section, and it has wide implications in various business scenarios.
Aug 4, 2021 · 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.
Jul 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.
