WebMay 6, 2024 · In the earlier years, when the TDS RATE U/S 194j is 10% with out distinction between technical or professional services, we used to apply for lower deduction in Form 13 and get a certificate for TDS @5/6% instead of 10%. Eventhough there is an amendment regarding tds @ 2% for technical services, the deductor is saying it still as 10%. However, the threshold limit of Rs 30,000 (for professional services) is crossed while making payment for the second time. Hence, TDS shall be deducted at total Rs. 60,000 (Rs 10,000 + Rs 50,000) at the rate of 10%. What is Section 194J under the Income Tax Act ? Section 194J governs the TDS provisions … See more The type of payments to residents covered under this section are as follows: 1. Professional fees 2. Fees for technical services 3. Remuneration paid to directors excluding salary (For … See more Every person making a payment in the nature of fees for professional or technical services is liable to deduct tax at source. However, below … See more
Section 194J : Fees for Professional or Technical Services
WebFeb 2, 2024 · Therefore to reduce litigation, it is proposed to reduce rate for TDS in section 194J in case of fees for technical services (other than professional services) to two per cent from existing ten per cent. The TDS rate in other cases under section 194J would remain same at ten per cent. This amendment will take effect from 1st April, 2024. WebApr 14, 2024 · Tax Deduction Rate. – Tax deduction rate for u/s 194J (a) is 2% and for 194J (b) is 10%. – In case of payee fails to furnish PAN, he will be liable to pay TDS at the rate of 20%. Threshold Exemption Limit. In case of payment does not exceed the directed Threshold exemption limits, TDS will not be deductible. nigel tomm distortion photography
Tax Laws & Rules > Acts > Income-tax Act, 1961
Web3 rows · May 26, 2024 · TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of ... WebTDS rates under DTAA; Tax rates as per Income-tax Act vis-à-vis tax treaties; Utility on DTAA; Withholding Tax; DEPARTMENTAL INFORMATION. Departmental News; … WebWhile payment of sitting fees, fees for attending meetings etc paid to any director (whether whole time director/managing director or any other director) is considered as payment of professional fees under section 194J. TDS is required to be deducted at the rate of 10% and no threshold limit of rs. 30,000 applies to this. npf town hall