TDS on Advance for construction of Building
This query is : Resolved
29 July 2021
Hi
Whether TDS is applicable for advance given for construction of building? What will be rate?
Thanks in advance.
Whether TDS is applicable for advance given for construction of building? What will be rate?
Thanks in advance.
29 July 2021
Yes, TDS applicable under section 194c @ 2%>
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30 July 2021
U/s 194C
Individuals/HUF 1%
Others 2%
Individuals/HUF 1%
Others 2%
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30 July 2021
Further, in case of individuals/HUFs not being subject to tax audit, section 194M would apply in which case TDS @5% on exceeding the threshold limit of Rs.50 lacs.
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