section 194A

Firms, companies, trusts, individuals (liable for tax audit in Preceeding year) etc..... (other than banks, & post office)

in which case firm, trust etc will pay interest?

Loans received from any 'person'  with interest. (generally for business purpose)

 

thanks

Most Welcome......

sir
section 194 C
[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 limit is relates to?

For single bill limit is 30K.......(first condition)

But suppose non of the bill exceeds 30K, and say receives 5 bills in a year of amount 25K each..........

In that case from the 4th bill section 194C gets triggered. (second condition satisfied)