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What is TDS exemption limit for contractor and sub contractor?

What is TDS exemption limit for contractor and sub contractor?

If the payment that is being made to the contractor does not exceed Rs. 30,000, No TDS on payment to contractor is required to be deducted. However, if the total of all such payments made or to be made during a financial year exceeds Rs. 75,000; TDS shall be deducted under Section 194C at the rates mentioned above.

What is the TDS exemption limit for contractor and sub-contractor?

What is TDS exemption limit for contractor and sub-contractor? TDS exemption limit is INR 30,000 in case of a single contract and INR 1,00,000 in case of aggregate amount during the financial year.

What is the TDS exemption limit for contractor and sub-contractor Mcq?

What is the TDS exemption limit for professional fees like Audit fees, Consultancy fees,Training fees?…

Q. What is the TDS exemption limit for contractor and sub-contractor?
B. 10000
C. 20000
D. 50000
Answer» c. 20000

Who is contractor as per Section 194C?

1) Who is responsible to deduct tax under Section 194C of Income Tax Act, 1961? Any specified person responsible for paying any sum to any resident-contractor for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract. l.

How much tax is deducted from subcontractors?

20%
20% for registered subcontractors. 30% for unregistered subcontractors. 0% if the subcontractor has ‘gross payment’ status – for example they do not have deductions made.

What is the TDS exemption limit for contractor and sub contractor in tally?

Threshold Limits

Threshold Limits
Single payment or credit Rs. 30,000
Aggregate amount paid or credited or likely to paid during the year Rs. 1,00,000

What are the sections of TDS?

TDS Rate Charts for the FY 2022-23

Section Deductee* Nature of transaction
192A R, NR Premature withdrawal from EPF
193 R Interest on securities
194 R Payment of any dividend
194A R Interest from other than interest from securities (from deposits with banks/post office/co-operative society)

How many sections are there in TDS?

TDS Rate Charts for the FY 2022-23

Section Deductee* Threshold Limit (Rs)
192 R, NR Basic exemption limit of employee
192A R, NR 50,000
193 R Debentures- 5,000 8% Savings (Taxable) Bonds 2003 or 7.75% Savings (Taxable) Bonds 2018- 10,000 Other securities- No limit
194 R 5,000