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TDS on Advance for construction of Building

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(Querist)
29 July 2021 Hi
Whether TDS is applicable for advance given for construction of building? What will be rate?

Thanks in advance.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 July 2021 Yes, TDS applicable under section 194c @ 2%>
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CA Rajat Pathak

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CA Rajat Pathak (Expert)
30 July 2021 U/s 194C
Individuals/HUF 1%
Others 2%
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CMA Poornima Madhava

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CMA Poornima Madhava (Expert)
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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