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What is the rate of TDS as per section 194C of Income Tax Act 1961?

I have recently joined a company. Could you please tell me at what rate a person should deduct TDS while make a payment to contractor?
 



Answers

Posted by Deepak Kumar on January 21st 2018 18:39 PM

Person Responsible to deduct tax :- Payment made by any person other than who are not subject to tax audit u/s 44AB during financial year. TDS on :- Payment for work contract Rate :- (a) If payee is Individual & HUF - 1% (b) for other payee like Co. - 2% Non Deduction of TDS :- Tax required to be deducted where amount credited or paid to contractor exceeds Rs. 30,000 in a single contract or Rs. 1,00,000 in case of aggregate contract w.e.f. 01/06/2016. Earlier rate for aggregate was Rs.75,000. If amount is credited or paid exclusively for personal purpose, then not required to deduct tax. ---

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