194 c of income tax, Income Tax

[sid chakravarthy]

dear sir ,

i would like to know the provisions of section 194C of Income Tax Act.whats the percentage of income tax for individual contractors and the firms doing the contract works.
chakravarthy.s.n.

Posts / Replies

[Akash mahajan]

Hello sid,

Tds in case of an individual and huf is 1%

and for any other person, which includes your FIRMS, is 2%.

 

 

 

[AMIT JAIN, Advocate]

Dear Friend 

section 194C of I.T Act says about TDS rate. which is in the case of Individual & HUF is 1% but other than Individual & HUF is 2% .

 Thanks  Regards

[rinki todi]

TDS is to be deducted as follows:

• @ 1% when the contract payment is being made or credit is being given to an individual or an HUF
• @ 2% when the contract payment is being made or credit is being given to any person other than an individual or an HUF.

Point to be noted:

we have to check the status of deductee and not the deductor.