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Section 194IC
What is Section 194IC ?
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As per Section 194-IC of Income Tax Act, 1961 (Inserted by the Finance Act, 2017, w.e.f. 1-4-2017 ) Any person responsible for paying to a resident any sum by way of consideration (not being consideration in kind) under a joint development agreement, is responsible for tax deduction under section 194-IC.
1. Who is responsible for tax deduction : Any person responsible for paying to a resident any sum by way of consideration (not being consideration in kind) under a joint development agreement, is responsible for tax deduction under section 194-IC.
· 2.Time of tax deduction- Tax is deductible at the time of credit of such sum to the account payee or at the time of payment thereof in cash or by issue a cheque/draft or any other mode, whichever is earlier.
· 3. Rate of deduction- Tax is deductible at the rate of 10 per cent. If PAN of recipient is not available, tax is deductible at the rate of 20 percent.
· 4. Threshold limit - NIL
Refer:: sec-194-ic-tds
On Which This Tds is to deducted?
Any person responsible for paying to a resident any sum by way of consideration under a joint development agreement, is responsible for tax deduction under section 194-IC.
on the amount of cash paid by developer
When Two companies entered in JDA, TDS US 194-IC need to be deducted by the developer company...??
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