hi guys
i wanted to know wat actually is contract and subcontract if defined as per income tax act .
for 194c is the purchases made from a party constantly fall undera contract and attract tds.
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defination of contract and subcontract for 194c
Replies (8)
thank u friend
can u plz be more specific and clear with the query...
hi nikita
actually i wanted to know if a the following fall under sec 194c
a) vehical maintainance
b) building maintainance
c) purchase of certain materials (consumables) frequently
hope this would clearify thanks
we are c& f agent and we are providing to our client space(godwon), man power, transport service.
but at the time of payment they are trating and payment in section 194i but we are not acepted in this section becouse our nature of work come to the section 194 c.
pleas clear us with proper section or argument
i want to know what is work contract exactly
| Originally posted by :santosh | ||
| " | hi guys i wanted to know wat actually is contract and subcontract if defined as per income tax act . for 194c is the purchases made from a party constantly fall undera contract and attract tds. |
" |
We are utilised the services of Transporter to Ship the products to Nepal. The transporter submitted bill. Our Finance Department has deducted 4.536% towards TDS.But trasnporter asking clarification that you have deducted excess instead of 2.526$ Please clarify.
| Originally posted by :santosh | ||
| " | hi guys i wanted to know wat actually is contract and subcontract if defined as per income tax act . for 194c is the purchases made from a party constantly fall undera contract and attract tds. |
" |
Any job or work order assigned to a person by the Principals under certain terms and conditions for its execution for a consideration is known as contract and the person to whom such job or order is awarded is known as Contractor. On the other hand the contractor may further assign or award the same job in entirety or a part of it to another person this is then a sub contract and the person is known as sub contractor.
Purchases made and supplied by a person regularly is not a case of contract.
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