WebFeb 11, 2024 · A. Overview of Section 194C of the Income Tax Act, 1961. TDS shall be deducted under section 194C of Income Tax Act, 1961 at 1% or 2% (as the case may be) or payments by any person (i.e., Resident or Non-Resident) to a resident (i.e., contractor) for carrying out any work, in pursuance of the contract between the contractor and contractee. WebNov 27, 2024 · The Tribunal held that section 194C(7) provides that if a person who is responsible for paying or crediting sum to a contractor on which tax is not deducted in accordance with section 194C(6), then details of such contractor has to be furnished to the prescribed income-tax authority along with the PAN in Form 26Q.
A complete guide on Tax Deducted at Source (TDS) - HostBooks
WebMar 29, 2024 · As per the opinion of theAO,the tax should have been deducted at 10% on CAM charges u/s 194-I, instead of 2% u/s 194C and accordingly a show cause notice was issued. And following the same, it was submitted by the assesseethat the separate invoices for lease expenses and CAM charges have been raised, and that the area for which … WebFeb 11, 2024 · If it exceeds the threshold limit, then the rate of deduction as provided under Section 194C of the Act will be applicable, i.e., 1% or 2%. Exemption from deduction of … hilary mccallion consultancy
Section 194C: TDS on payment to Contractors - Learn by Quicko
WebApr 10, 2024 · The Mumbai Income Tax Appellate Tribunal (ITAT) has recently held that roaming charges paid by Vodafone India to other telecom operators are not subject to … WebKindly make sure you do not raise reimbursement bill along with bill for your services as in such case TDS deduction becomes mandatory. To conclude No TDS needs to be deducted where separate reimbursement bill is raised . ... Consequently, the payer is under no obligation to deduct TDS u/s 194C and no dis allowance of the expenditure can be ... WebMay 8, 2024 · When is TDS applicable to contractors? If the payment made to the contractor is not more than Rs.30,000, n o TDS is required to be deducted on payment to the contractor. However, if the total of all such payments made or to be made during a … What is the Reason for the Introduction of TDS u/s 194I? The Finance Act, 1994 … TDS Rate Chart for FY 2024-2024 (AY 2024-2025): Tax Deduction at Source … hilary mccloy pt