A company paying amount againts man power charges including some percentage of profit on man power expenses. What Percentage of tds will be deducted by company on payment.
Dear sir,
Replies (1)
Hello,
As my understanding company is paying manpower charge plus commission (Profit) to contractor..
Any person responsible for paying any sum to a resident contractor for carrying out any work (incl. Supply of labor for carrying out any work) under a contract shall deduct TDS on payment to contractor under Section 194C at the time of such payment thereof in cash or by issue of cheque or draft or by whatever name called, whichever happens earlier.
The TDS on Payment to Contractor under Section 194C shall be deducted at the below mentioned rates:-
- 1% if the payment is being made to Individual or HUF
- 2% in all other cases (i.e. cases except payment to Individual or HUF)
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