tds on payment of contract amount

[Guest]

please tell me weather tds on contract amount is applicable or not and if it applicable then what are the norms and conditions in which it will be deducted.

and the weather the rate of tds is 12.36 or different

[rakesh jha]

Please see 194C of Income Tax Act 1961.

AI Summary

TDS on contract payments: applicability and deduction norms are governed by statutory provision; consult the relevant provision for rates. Query concerns whether tax is deductible from contract payments and applicable norms and rates; the response directs attention to Section 194C of the Income Tax Act as the governing provision for TDS on payments to contractors, with eligibility, thresholds and prescribed rates to be determined from that statutory provision.