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Jul 3, 2024 · Section 194C states that any person responsible for paying any sum to the resident contractor or sub-contractors for carrying out any work (including the supply of labor), in pursuance of a contract between the contractor and the following: The Central Government or any State Government. Any local authority.
Jun 15, 2019 · Learn about the TDS deduction rules and rates for payments to contractors and subcontractors under section 194C of the Income Tax Act. Find out who is liable to deduct TDS, what is the work definition, what are the exemptions, and how to calculate TDS.
Jan 10, 2020 · Learn about the provisions, rates, exemptions and due dates of TDS under section 194C of the Income Tax Act. Find out when and how to deduct, deposit and issue TDS certificates for payments to contractors.
- Who is responsible to deduct tax under Section 194C of Income Tax Act, 1961? Any specified person responsible for paying any sum to any resident-contractor for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract.
- When tax cannot be deducted. Case 1: When following conditions are satisfied then tax cannot be deducted: i. Any sum credited or paid in pursuance of any contract, the consideration for which does not exceed ₹ 30,000; and Tax point: The limit of ₹ 30,000 is on individual contract.
- Rate of TDS under Section 194C. A. 1%, if payment is made to an Individual or HUF (0.75% w.e.f. 14.05.2020 to 31.03.2021) B. 2%, if payment is made to any other person (1.5% w.e.f.
- Section 194C- Payments to Transporters. Finance Act, 2015 make an amendment in the provisions of section 194C of the Act to expressly provide that the relaxation under sub-section (6) of section 194C of the Act from Non-Deduction of TDS on Payment made to a Transporter shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise) made to a contractor who is engaged in the business of transport i.e.
Feb 3, 2023 · Learn about the provisions, rates, exemptions, and returns of TDS under section 194C of the Income Tax Act. Find out when and how to deduct TDS while paying to resident contractors or sub-contractors for various works or services.
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Learn about the TDS deduction and deposit rules, rates, exceptions and certificates under Section 194C of Income Tax Act. Find out who is a person, work and contractor under this section and how to comply with the tax obligations.
