respected sir,
I want to know about tds. i have get job work bill of one party then how much amount TDS will deduct? and how much amount after TDS deduct on FY.
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Tds information
Replies (5)
if you have signed a contract with the contractee then tds will be deducted as per section 194C @ 1% for HUF and individuals and 2% for others i.e; tds will be deducted if a single bill is in excess of 30,000 or aggregate amount of all the bills put together is in excess of 75,000 in a financial year
Dear Keyur,
I agree with Anupama's answer. You also remember that this limit is party or person wise.
THANKS FOR THIS INFO.
i want to know about the sec. 194 of income tax act.
ASSESSMENT YEAR 12-13)
| Sl. No. | Section Of Act | Nature of Payment in brief | Cut Off Amount | Rate % | ||
| 30.06.2010 | 01.07.2010 | HUF/IND | Others | |||
| 1 | 192 | Salaries |
Salary income must be more thenexemption limit after deductions. |
Average Rate | ||
| 2 | 193 | Interest on Securities | - | - | 10 | 10 |
| 3 | 194 | Deemed dividend | - | - | 10 | 10 |
| 4 | 194A | Interest other than Int on securities (by Bank) | 10000 | 10000 | 10 | 10 |
| 4A | 194A | Interest other than Int. on securities (By others) | 5000 | 5000 | 10 | 10 |
| 5 | 194B | Lottery / Cross Word Puzzle | 5000 | 10000 | 30 | 30 |
| 6 | 194BB | Winnings from Horse Race | 2500 | 5000 | 30 | 30 |
| 7 | 194C(1) | Contracts | Rs. 50000 for the Whole Year and Rs. 20000/-if a single bill or contract amount exceeds Rs. 20000/- | Rs. 75000 for the Whole Year and Rs. 30000/-if a single bill or contract amount exceeds Rs. 30000/- | 1 | 2 |
| 8 | 194C(2) | Sub-contracts/ Advertisements | Rs. 50000 for the Whole Year and Rs. 20000/-if a single bill or contract amount exceeds Rs. 20000/- | Rs. 75000 for the Whole Year and Rs. 30000/-if a single bill or contract amount exceeds Rs. 30000/- | 1 | 2 |
| 9 | 194D | Insurance Commission | 5000 | 20000 | 10 | 10 |
| 10 | 194EE | Payments out of deposits under NSS | 2500 | 2500 | 20 | - |
| 11 | 194F | Repurchase of units by MF/UTI | 1000 | 1000 | 20 | 20 |
| 12 | 194G | Commission on sale of lottery tickets | 1000 | 1000 | 10 | 10 |
| 13 | 194H | Commission or Brokerage | 2500 | 5000 | 10 | 10 |
| 14 | 194I | Rent (Land & building) | 120000 | 180000 | 10 | 10 |
| Rent (P & M , Equipment, furniture & fittings) | 120000 | 180000 | 2 | 2 | ||
| 15 | 194J | Professional/Technical charges/Royalty & Non-compete fees | 20000 | 30000 | 10 | 10 |
| 16 | 194LA | Compensation on acquisition of immovable property | 100000 | 100000 | 10 |
10 |
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