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TDS - 194M or 194C - Income TaxExtract 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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