Payments made to contractors and sub-contractors-Deduction of tax at source under section 194C of the Income-tax Act, 1961, on income comprised therein-Levy of surcharge

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....ular No. 505 Dated 19/2/1988 To All State Governments and Union Administrations. Sir, Subject: Payments made to contractors and sub-contractors-Deduction of tax at source under section 194C of the Income-tax Act, 1961, on income comprised therein-Levy of surcharge. According to the provisions of section 194C of the Income-tax Act, 1961, any person responsible for paying any sum to any res....

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....x on the income comprised therein. However, no such deduction is required to be made from any sum credited or paid in pursuance of a contract, the consideration for which does not exceed Rs. 10,000. 2. By the Finance (Amendment) Act, 1987 (No. 46 of 1987), sub-section (4A) has been inserted after sub-section (4) in section 2 of the Finance Act, 1987. According to the said amendment, in cases in w....