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TDS- New Section 194M levy of TDS at the rate of 5% on the sum paid or credited in a year on account of contractual work (including supply of labour for carrying out any work) or professional fees by an individual or a HUF ( other than those who are required to deduct income-tax as per the provisions of section 194C or section 194J), if aggregate of such sums exceeds Rs. 50 lakhs in a year. However, in order to reduce the compliance burden, such individuals or HUFs can deposit the tax deducted using their PAN and shall not be required to obtain TAN with effect from 01.09.2019.
