To know more about the TDS under section 194C, refer to our page [ Ссылка ]. The TDS under section 194C is applicable to resident contractor payments made by specified persons. Section 194C applies to advertising, job work type of works contract etc. Section 194C applies to an individual or HUF only when the turnover or gross receipts exceeds Rs 1 crore (in the case of business) or Rs 50 lakh in the case of profession. The threshold limit for TDS is Rs 30,000 per contract and Rs 1,00,000 in the aggregate for a financial year. The TDS rate is 1% for payments made to an individual and HUF and 2% for others. The reduced TDS rates for payments due from 14 May 2020 to 31 March 2021 are 0.75% and 1.75%.
