Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 194C TDS on Payment Made to Contractor
S 194C TDS on Payment Made to Contractor Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 194C TDS on Payment Made to Contractor Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the meaning of Section 194C of TDS on Payment Made to Contractor Taxation? |  |
Ans. Section 194C of TDS on Payment Made to Contractor Taxation refers to a provision in the Indian Income Tax Act that deals with the deduction of tax at source on payments made to contractors. It requires the person making the payment to deduct a certain percentage of tax before making the payment to the contractor.
| 2. Who is liable to deduct TDS under Section 194C? | |
Ans. Any person, other than an individual or HUF (Hindu Undivided Family), who is responsible for paying any sum to a resident contractor for carrying out any work (including supply of labor or goods) is liable to deduct TDS under Section 194C. This person could be an individual, a company, a partnership firm, or any other entity.
| 3. What is the rate of TDS under Section 194C? | |
Ans. The rate of TDS (Tax Deducted at Source) under Section 194C of the Indian Income Tax Act depends on the status of the payee. If the payee is an individual or HUF and has furnished their PAN (Permanent Account Number), the TDS rate is 1%. If the payee has not furnished their PAN, the TDS rate is 20%. In the case of other payees, the TDS rate is 2%.
| 4. Is TDS under Section 194C applicable only to contractors or does it include sub-contractors as well? | |
Ans. TDS under Section 194C is applicable not only to contractors but also to sub-contractors. Any payment made to a contractor or sub-contractor for carrying out any work, including supply of labor or goods, is subject to TDS under this section.
| 5. Are there any exemptions or thresholds for TDS under Section 194C? | |
Ans. Yes, there are exemptions and thresholds for TDS under Section 194C. If the total payment made or to be made to a contractor or sub-contractor during a financial year does not exceed Rs. 30,000, TDS is not required to be deducted. However, if the total payment exceeds this threshold, TDS should be deducted at the applicable rates. Additionally, if the contractor or sub-contractor provides a valid certificate declaring their non-applicability under Section 197, TDS may not be deducted.
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Dec 20, 2024 Last updated |
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