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of <h1>Supreme Court Clarifies Broad Applicability of Tax Deduction at Source u/s 194C for Various Contracts.</h1> Section 194C of the Income-tax Act mandates tax deduction at source for payments to contractors and sub-contractors. The Supreme Court clarified its broad applicability, extending to various contracts, including service, transport, and labor contracts. The circular outlines that no tax deduction is required for contracts below Rs. 10,000, and excludes equipment rentals and certain banking services. It specifies that both written and oral contracts are covered, and clarifies the deduction process for payments exceeding Rs. 10,000. The circular replaces previous guidelines and is effective from April 1, 1994.
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