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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tax Deduction Rules for Contractors: 2% for Contractors, 1% for Sub-contractors u/s 194C, Income-tax Act, 1961.</h1> The circular outlines the tax deduction requirements under Section 194C of the Income-tax Act, 1961, for payments to contractors and sub-contractors. It mandates a 2% tax deduction for payments to contractors and 1% for sub-contractors, with additional surcharges for non-corporate residents and domestic companies. No deduction is needed for contracts under Rs. 10,000. The circular details obligations for tax deductors, including timely payment to the government, issuing tax deduction certificates, and maintaining a Tax Deduction Account Number (TAN). Penalties for non-compliance are specified, and assistance from the Income-tax Department is available if needed.
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