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-Regarding

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....arge-Regarding Circular No. 539 Dated 13/7/1989 According to the provisions of section 194C of the Income-tax Act, 1961, any person responsible for paying any sum to any resident contractor for carrying out any work in pursuance of a contract between the contractor and the agencies specified therein shall, at the time of credit of such sum to the account of the contractor or payment thereof in ....

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....tion is invited to Board's Circular No. 505 [F. No. 275/20/88-IT(B)], dated 19th February, 1988*, wherein the levy of surcharge @ 5% as introduced by the Finance (Amendment) Act, 1987, was communicated to you. According to the provisions of the Finance Act, 1989, in cases in which tax has to be deducted under section 194C of the Income-tax Act, the deduction shall be made at the rates specified in....