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| The Tax Publishers2020 TaxPub(DT) 1991 (Jp-Trib) INCOME TAX ACT, 1961
Section 194C/H
Where payment exceeds Rs. 2,500 and Rs. 30,000, then tax is required to be deducted under section 194H and section 194C respectively. As payments in question were below threshold limits provided in respective TDS provisions i.e Rs. 1700 and Rs. 19,000 respectively, no TDS was called for and, therefore, no disallowance could be made.
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Tax deduction at source - Under section 194C/H - Payments below threshold limit -
AO disallowed Rs. 1700 paid to Shri Murlidhar Maheshwari against brokerage and Rs. 19,000 of contract payment to M/s. Agresen Cars (P) Ltd. holding that assessee was required to deduct tax from these payments under section 194H and 194C.Held: Where payment exceeds Rs. 2,500 and Rs. 30,000, then tax is required to be deducted under section 194H and section 194C respectively. As payments in question were below threshold limits provided in respective TDS provisions, no TDS was called for and, therefore, no disallowance could be made.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
INCOME TAX ACT, 1961
Section 36(1)(iii)
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