Section 194C of ITA, 1961 : Section 194C: Payments To Contractors
ITA, 1961
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Explanation using Example
Imagine a construction company, BuildCon Pvt. Ltd., has been awarded a contract by the local municipal corporation to construct a new public library. The contract is worth 5 million rupees, and as per the agreement, BuildCon will receive progress payments as the work advances.
When the municipal corporation processes the first payment of 1 million rupees to BuildCon, it is required by Section 194C of the Income-tax Act, 1961, to deduct tax at source (TDS) from this payment. Since BuildCon Pvt. Ltd. is a company, the applicable TDS rate is 2% of the payment amount. Therefore, the municipal corporation will deduct 20,000 rupees (2% of 1 million) and remit it to the government as T...
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