TDS on Works contract Tax
This query is : Resolved
yogesh vijaykumar shah
(Querist)
22 June 2010
I would like to know the rate of TDS on Works contract Tax. Also tell me what is the amount limits? Earlier this limit was RA. 2 lacs. Also what is the sention under which this limits are specified?
hshivakumar
(Expert)
22 June 2010
TDS for work contract u/s 194 C if payee is individual and HUF then 1% otherwise 2%. and limit is if exceeding Rs 20,000/- each bill or R. 50,000/- pa. upto June 30, 2010 and from 1st July onwards if each bill exceedings Rs. 30,000/- or Rs. 75,000/- pa,
Shyam Lal Naik
(Expert)
23 June 2010
I think the query is related to deduction of TDS under VAT laws and not under Income Tax. The law framed by the respective state/UT shall apply.
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