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IT / TDS

Tax Guide

SPLIT

What is TDS code 1023 and what is the rate?

Key mapping

Code 1023 covers TDS on payments to Individual/HUF contractors. Rate: 1%. Threshold: ₹1,00,000 per year or ₹30,000 per transaction.

Explanation

Under the IT Act 2025 §393 (effective 1 April 2026), Code 1023 replaces the Individual/HUF arm of old Section 194C. It applies to contracts for carrying out any work — construction, manufacturing, advertising, broadcasting, catering. Rate is 1% where annual aggregate payments exceed ₹1,00,000 or any single payment exceeds ₹30,000. For company/firm/LLP payees use Code 1024 at 2%. Old 194C (1% individual / 2% others) applies to transactions before 1 April 2026.

Related terms and sections

1023contractorindividualHUF1 percent194Csection 393works contractTDS

Use this in practice

File My ITR →Tax Calculator →

Related sections

IT Act 2025 Section Mapper →All IT Act changes →

All section references are sourced from the Income Tax Act 2025 (official gazette, incometaxindia.gov.in) and cross-referenced against CBDT's comparative statement. Always verify on the official portal before filing. This page is for reference only and does not constitute legal or tax advice.