TDS on Rs 1 Lakh Contract Payment
Calculate the TDS deductible on a Rs 1,00,000 payment to an individual contractor under Section 194C.
On ₹1,00,000 of contract payment, TDS of ₹1,000 (1%) applies under Section 194C, leaving a net payment of ₹99,000.
- Income type
- contract payment
- Amount
- ₹1,00,000
- PAN provided
- Yes
TDS amount
Section 194C₹1,
1% deducted
Gross amount
₹1 Lakh
₹1,00,000
Threshold
₹30,
TDS rate
1%
Net payment
₹99,
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TDS rates and thresholds shown are effective FY 2024-25 under the Income Tax Act. Without a PAN on record, a higher 20% rate applies regardless of income type. Rates can change with future budgets, so confirm the current rate before relying on this for a filing.