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of <h1>Section 194M requires 2% tax deduction on payments exceeding 50 lakh for work contracts and professional services</h1> Section 194M of the Income Tax Act, 1961 mandates tax deduction at source by individuals and Hindu undivided families when making payments for work contracts, professional services, commission, or brokerage to residents. The deduction rate is two percent of the payment amount, applicable when payments exceed fifty lakh rupees during a financial year. This provision excludes those already required to deduct tax under sections 194C, 194H, or 194J. The section became effective September 1, 2019, with the deduction rate reduced from five percent to two percent effective October 1, 2024.
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