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Tds under 194c
If a company is having a car and it is giving that car for servicing for twice in a year....if the payment for a bill...its first bill if it exceeds 30k shall we have to deduct tds?????under 194c as a contract??????...
Replies (7)
Quick Summary
If it's contract then yes You can deduct TDS u/s 194C...
But,
Before that check out the billing which is seggregate the Materials (parts) and Services (labour)...
But,
Before that check out the billing which is seggregate the Materials (parts) and Services (labour)...
Thank u sir...
You are welcome...
1% for person/ proprietary, 2 % for co., / firm for contacts and 10% for rent
There may or may not be a contract but it is deemed to be payment made exceeding a bill of 30000/- single bill under 194C
And TDS @ 1% or 2% is mandatory.
And TDS @ 1% or 2% is mandatory.
Thank u all .....
Yes.
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.
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.
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