TDS u/s 194B and 194C, accounting heads

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..... x payable by local authority, Life Insurance Corporation and Companies, Two new sections, viz,. Section 194B and 194C have also been introduced in the Income-tax Act. Section 194B provides for deductions of Income-tax at source from income by winnings from any lottery or crossword puzzle. Section 194C provides for deductions of Incometax from payments made to contractors and Sub-contractors. The B .....

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..... ection 194B of the I.T. Act, 1961. (b) Deductions from payments to contractors and sub-contractors under section 194C of the I.T. Act, 1961. 2. Necessary correction slips to Appendix 2 to Account Code Vol. I are being issued by the Comptroller Auditor General of India separately. Suitable changes may please be made in form ITNS 38 (Challan form), ITNS 71 (form of Budget estimates) and the .....

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