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IT / TDS

Tax Guide

SPLIT

What is TDS code 1024 and what is the rate?

Key mapping

Code 1024 covers TDS on payments to Company/Firm/LLP contractors. Rate: 2%. Threshold: ₹1,00,000 per year or ₹30,000 per transaction.

Explanation

Under IT Act 2025 §393, Code 1024 is the Company/Firm/LLP arm of what was Section 194C. Rate is 2%. The threshold is ₹1,00,000 aggregate per year or ₹30,000 per transaction, whichever is crossed first. Use Code 1023 (1%) for Individual/HUF payees. For transactions before 1 April 2026, old Section 194C remains applicable.

Related terms and sections

1024contractorcompanyfirmLLP2 percent194Csection 393works contractTDS

Use this in practice

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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.