02 July 2008
HI ALL IS THERE ANY SPECIFIC EXEMPTION TO ANY TO ANY CONTRACTOR UNDER 194C.WAT DOES THE ACT SAY? I HEARD THAT IF TURNOVER OF THE CONTRACTOR DOES NOT EXCEED 10LAC,THEN TDS NEED NOT BE DEDUCTED.IS IT TRUE? OR IS THERE ANY LOWER RATE OF TDS APPLICABLE TO CONTRACTORS. PLS CLARIFY ME IN THIS REGARD
02 July 2008
194C says that if the turnover of individual and HUF doesnot exceed the limit specified under sec 44AB ( i.e for professionals Rs.1000000 and for other Rs.4000000) then he need not deduct tds on contracts entered by him.
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