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Section 194C - TDS on payment to contractors

Income Tax - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax - 10 - SEC - 194C: TDS ON PAYMENT TO CONTRACTORS Deductor - Any person [other than individual or HUF (not liable to tax audit in preceding Financial Year)] Deductee - Any resident Time of Deduction - At the time of credit or payment, whichever is earlier. Rate of TDS: (i) 1% in case payee is individual or HUF (ii) 2% in case of any other assessee Note: No TDS where amount payable does not exceed: 3 .....

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1) Recipient is engaged in the business of transport. 2) Recipient owns 10 or less goods carriages at any time during the financial year. 3) Recipient furnishes a declaration to this effect along with PAN. The definition of work shall include: Manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer. However, is shall not include manufacturing or supplying a product according to the requirement or specificatio .....

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