Deduction of tax at source under Sec.194C.

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....one per cent respectively from any sum credited or paid in pursuance of any contract, for carrying out any work, including supply of labour for carrying out any work, entered into between the contractor and the following bodies, the consideration for which exceeds Rs.10,000:- (a) the Central Govt. or any State Government; or (b) any local authority; or (c) any corporation established by o....

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....ke him liable to pay interest thereon as per section 201 of the Income-tax Act. He will also be liable to penal provisions of section 221. 3. As most of constructional and other activities are being undertaken/carried out on contractual basis, the Board desire that the officers of the Department engaged in collection of taxes should exercise utmost vigilance to the exchequer. The statutory stat....

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....ion 194 C and wherever necessary including penal action should be taken against those found guilty. 5. Incidentally it may be mentioned that section 285A of the Income Tax Act stipulates that any person for carrying out any work etc., the value of which exceeds Rs.50,000 should furnish to the I.T.O. concerned particulars relating to the contract in Form No.52 as provided in rule 120 of the I.T.....