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of <h1>Supreme Court ruling clarifies tax deduction u/s 194C for contractor payments; excludes goods sales and certain financial deals.</h1> The circular addresses the deduction of income tax at source under section 194C of the Income-tax Act, 1961, following a Supreme Court judgment. It clarifies that tax must be deducted from payments to contractors and sub-contractors for various types of contracts, including transport, labour, and service contracts, at rates of 2% and 1%, respectively. Contracts for sale of goods and certain financial transactions are excluded. The circular also provides guidelines for contracts exceeding Rs. 10,000 and clarifies that both written and oral contracts are covered. Previous circulars are withdrawn, and the new guidelines apply from April 1, 1994.
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