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TDS - 194C
If the payment u/s 194C does not exceed in the month of April with ₹ 25000 then there is no liability to deduct TDS on , but in the next month Bill amount is of ₹140000 ...shall I liable to to deduct TDS on first bill if yes than which rate i deduct TDS i.g 0.75 or 1 ...?
Replies (3)
Quick Summary
Deduct tax on whole amount of Rs. 165000. If deductee is company @ 1.75% and if deductee is individual @ .75% till March'21 otherwise TDS rate are 2% and 1% respectively.
Sorry read 1.50% in place of 1.75%.
When provisions of section 194C of the Income Tax Act gets attracted, the Deductor is required to deduct TDS at the following rates –
ParticularsRate of TDSPayment made / credited to an individual or HUF1%Payment made / credited to a person other than an individual or HUF2%
However, in case the PAN is not furnished, the Deductor would be liable to deduct TDS @ 20% i.e. at the maximum marginal rate.
ParticularsRate of TDSPayment made / credited to an individual or HUF1%Payment made / credited to a person other than an individual or HUF2%
However, in case the PAN is not furnished, the Deductor would be liable to deduct TDS @ 20% i.e. at the maximum marginal rate.
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