[5] No deduction shall be made from the amount of any sum credited or paid or likely to be credited or paid to the account of, or to, the contractor, if such sum does not exceed thirty thousand rupees :
Provided that where the aggregate of the amounts of such sums credited or paid or likely to be credited or paid during the financial year exceeds 50[one lakh] rupees, the person responsible for paying such sums referred to in sub-section [1] shall be liable to deduct income-tax under this section.
30000 or 1 lakh relates to?
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194 C
Replies (1)
If one time amount is more than Rs. 30,000, then requireed to deduct TDS under section 194C, however if the during the Financila year aggregate amount paid or likely to be paid to a single party is more than one lakh then it isn required to deduct TDS @ 2%
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