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TDS - 194M or 194C, Income Tax

Issue Id: - 117698
Dated: 14-12-2021
By:- Ethirajan Parthasarathy
TDS - 194M or 194C

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Section 194M provides for TDS rate of 5% on contracts exceeding ₹ 50 lakh limit entered into by an Individual

The question is whether an individual who is subject to 44AB audit, is liable to deduct tax under Sec.194C or Sec.194M in respect of contract for construction of Godown which is intended to be let out.

Will the answer be different if the contract is for construction of proprietor’s residence?

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1 Dated: 28-12-2021
By:- subhash sb

If the Individual is subject to 44AD and has TAN number then he can deduct u/s 194C, if the Inddividual is subject to 44AD and don't have tan number then he has to deduct at 194M since the payment u/s 194M is based on the PAN number.

If the same is for proprietor's residence then it's under 194M


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