Withholding rules for contractor payments now use turnover thresholds instead of audit liability and cover customer associates. The amendment to section 194C replaces the audit-liability test with turnover-based thresholds-total sales, gross receipts or turnover exceeding one crore ... Summary
Withholding rules for contractor payments now use turnover thresholds instead of audit liability and cover customer associates.
The amendment to section 194C replaces the audit-liability test with turnover-based thresholds-total sales, gross receipts or turnover exceeding one crore for business or fifty lakh for profession-and revises the Explanation to treat manufacturing or supplying a product to a customer's specification using material purchased from that customer or its associate as within the provision, while inserting "or associate of such customer" to extend coverage.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
