We are hiring a transporter towards shifting of materials from one store to another.Total Cost of Transportation is Rs.146000/-. We are issue a Job order for the same. So please let m know what is the TDS is applicable on this amount i.e Rs.146000/-
10 December 2015
SSection 194C of the Income Tax Act, 1961 prescribes that any payment to a contractor is subject to a Tax Deduction at Source (TDS) at the rate of 1% in case the payee is an Individual or a Hindu Undivided Family, and 2% in case of other payees (i.e. partnership firm, company, trust, body of individuals or association of persons) If such payment exceeds Rs. 30,000 per contract or aggregate of such payments of contracts in a financial year exceeds Rs. 75,000.
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