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Tds on payment to contractors sec 194C
how much tds is to be deducted in case of sec 194C
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Quick Summary
In the case of Proprietor/HUF tds to be deducted at the rate of 1 percent and in the case of company/firm tds to be deducted at 2 percent.
From 14.05.2020 rates are
0.75 % for Individual , HuF
1.5 % for Firm, Companies
TDS rate reduced by government from 14.05.20 to 31.03.21
For individual or HUF - 0.75%
For other - 1.50%
For individual or HUF - 0.75%
For other - 1.50%
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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