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sheebu

sheebu (Querist)
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12 December 2008 Is there a clear definition of service contract and transport contract with regard to 194(C)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 December 2008 No clear definition in the act. However the text given below is from the guidelines issued by CBDT.
Service contracts:-
includes services rendered by such persons as lawyers,physicians,surgeons,engineers,accountants,architects,consultants etc. But, services rendered for which payment is in the nature of salaries which is chargeable under the head of income salaries in chapter1V of the Incone Tax Act,1961 shall not be covered by section 194C.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 December 2008 Transport contracts :-
The term transport contracts would,in addition to contracts for transportation and loading/unloading of goods,also cover contracts for plying of buses,ferries,etc.,along with staff. Ref. circular 558 dt 28/3/1990.

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