Section 194C Amendment: TDS Threshold Increased to Rs. 1 Lakh from Rs. 75,000 for Payments in a Financial Year.

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Full Text of the Document

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....Amendment of section 194C. - TDS - the person responsible for paying the sums referred to in subsection (1) of the said section shall be liable to deduct income-tax, where the aggregate of the amounts of the sums credited or paid or likely to be credited or paid during the financial year exceeds seventy-five thousand rupees. - It is proposed to enhance the said threshold limit from seventyfive thousand rupees to one lakh rupees for the aggregate transactions during the financial year.....