SECTION-194M: TDS ON PAYMENT TO RESIDENT CONTRACTOR AND PROFESSIONAL
- This section applicable on
- And they are not required to get their accounts audited during the financial year.
- And the payment is made only to the resident individual relating to contract work and for getting the professional services.
- And such payment should be exceed of Rs.50,00,000/ during the year under consideration.
- And the TDS is deposited by individual or HUF by quoting their PAN and not required to get the TAN for depositing the TDS.
RATE OF TDS
TDS is 5% of payment made in excess of Rs.50,00,000/ during the financial year.
TIME OF DEDUCTION
TDS is deducted earlier of following dates :
- At the time of credit
- At the time of payment of amount
TIME LIMIT OF DEPOSITING
- When payment is made on or behalf of the Government: At date of payment
- When payment made by other person
- When payment made in month of March: Up to 30th April
- When payment in any other month: 7TH Day of Next Month