An Individual is receiving Salary per month on a yearly contract basis.
Whether TDS on salary is deducted us 194C instead of sec.192.
Is it taxable under the head “Income from Salary” or Otherwise ?
Pls suggest !
work is worship (Service) (2728 Points)
20 May 2013An Individual is receiving Salary per month on a yearly contract basis.
Whether TDS on salary is deducted us 194C instead of sec.192.
Is it taxable under the head “Income from Salary” or Otherwise ?
Pls suggest !
CA Saroj Kumar
(Keen to learn something new every moments)
(2588 Points)
Replied 20 May 2013
If there any contract agreement has been entered for the same job then it shall be comes under 194C other wise it shall be comes under 192. And correspondigly treated as salray or other income.
Deena.Vanan
(Grad. CWA, ACA, CS(F))
(120 Points)
Replied 20 May 2013
please let us know about the terms of the contract nd nature of service rendred. so tat we can give the correct reply for u r question.
CA and CMA Ravinder Singh
(CA and CMA)
(853 Points)
Replied 20 May 2013
If the amount recieved is in the nature of salary, then it comes under section 192.
HIMANSHU SHARMA
(STUDENT)
(117 Points)
Replied 21 May 2013
Main thing is that supply of labour for carrying out any work under a contract, if payment is made under a contract, than tds deducted u/s 194C, no effect on the same, payment made to employee or contractor
CAclubindia
