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Tds under 194c

Others 299 views 7 replies
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)
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)...
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.
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.


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