Any person, being an individual or a Hindu undivided family (other than those covered under section 194C,194H or 194J) responsible for paying any sum to any resident for
✓carrying out any work in pursuance of a contract, or
✓by way of commission or
✓brokerage or
✓by way of fees for professional services
during the financial year, shall, at the time of credit of such sum or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to 5% if such sum or, as the case may be, aggregate of such sums, credited or paid to a resident during a financial year exceeds ₹ 50,00,000.
The provisions of section 203A ( Tax deduction and collection number) shall not apply to a person required to deduct tax in accordance with the provisions of this section.
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