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- Section 194C of Income Tax Act | Legal provision and TDS Threshold | CA Arinjay Jain
Section 194C - Introduction, Rate & Deduction time
Payments to contractor
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 between the contractor and the specified person ; shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof; in cash or by issue of a cheque or draft or by any other mode;
whichever is earlier, deduct an amount equal to –
1% where the payment is being made or credit is being given to an individual or HUF
2% where the payment is being made or credit is being given to a person other than an individual or HUF
SPECIFIED PERSON - Person Responsible to deduct Tax
THRESHOLD FOR DEDUCTION OF TDS
EXAMPLE - THRESHOLD FOR DEDUCTION OF TDS
