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Tds rate us 194j

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 https://paulkuczynski.com

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

TDS u/s 194J not deductible on payment to contract …

Category:TDS on Professional Fees u/s 194J : 7 IMP points you should know

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Tds rate us 194j

TDS U/S 194J FOR TECHNICAL SERVICE (FY 2024-21), Income Tax

WebMay 9, 2024 · Finance Act 2024 – TDS under section 194J. FA 2024 has introduced lower rate of deduction @ 2% instead of 10%, under section 194J, if the service is in the nature of: 1. Technical service; or. 2. Royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films. For the part of royalty, there should be no ... WebJan 22, 2024 · – 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 …

Tds rate us 194j

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Web144 rows · Tax on total income as per rate in force. Section 194Q: Payment to resident for purchase of goods of the aggregate value exceeding Rs. 50 lakhs Note: TDS is … WebJan 23, 2024 · Updated: 23-01-2024 12:55:13 PM. As per Union Budget 2024, the TDS rate for the payment of fees for technical services under Section 194J of Income Tax Act has been reduced to 2% from 10%. The TDS rate for the payment other professional services except that for technical services remains same at 10%. This change in TDS rate will …

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 … WebMar 28, 2024 · As per 194J TDS is to be deducted on Professional Technical Royalty Services Normally at 10% However, in case of payment to call center, TDS Rate is 2% …

WebJul 6, 2024 · Section 194J requires deduction of tax at source @10% from the amount credited or paid by way of fees for professional services, where such amount or … WebFeb 15, 2024 · It alleged these gifts are in lieu of professional fees, paid in kind, and therefore the taxpayer should have deducted and deposited TDS under Sections 194J /194C of the Income Tax Act.

Web1 day ago · Dist. Intermediate Educational Office Vs Income Tax Officer (TDS) (ITAT Hyderabad) ITAT Hyderabad held that payment to contract teachers doesn’t qualify as ‘fee for professional services’ and accordingly TDS under section 194J of the Income Tax Act not deductible. Facts- The common question that arises in both these appeals is whether the ...

WebAug 6, 2024 · By Section 194J, TDS shall be withheld at a rate of 2% for fees for technical services (which are not professional services) and up to 10% of such costs in all other … npf testingWebJan 4, 2024 · Check out the latest TDS Rate chart for FY 2024-21 (AY 2024-22). Find out the Indian TDS rate and rates of TDS (Tax Deducted at Source) applicable to resident and non-resident Indians. nigel tomm the blah storyWeb2 days ago · 3. Because the action is being challenged on facts & law, for upholding the addition of Rs. 3,15,000/- treating rent received from M/s VM Rubber Industries as undiclosed income whereas per assessee TDS thereon has been wrongly deducted by the Tenant u/s 194J instead of 1941 while filing its TDS return. np fv70 sony batteryWebDec 1, 2024 · The rate at which the TDS is deducted. There is a fixed rate for Deducting tax under section 194J of the Income Tax Act. 10% is the rate of TDS based on which the TDS is deducted for Professional, Technical, Non-compete, and Royalty fees in a fiscal year. However, remember the amount from which the tax is deducted should be above 30,000 … nigel to the moonWebFeb 22, 2024 · Under Section 194J, the TDS rate for fees paid for technical services is 2% of the payment, while the TDS rate for fees paid for professional services is 10% of the payment. ... About us. LegalWindow.in is a professional technology driven platform of multidisciplined experts like CA/CS/Lawyers spanning with an aim to provide concrete … np fw50 charge timeWeb194J: Fees for professional or technical services: Rs 30,000: 2% (for technical services) (or) 10% (payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;) ... TDS rate in case ofNon-availability ofPAN ... TDS on payment forVirtual Digital Assets “Specified Person” Payer– 50 ... npf treat to targetWebAug 15, 2024 · TDS provision applicable ; GST in case of foreign client having office in foreign country but the work to be executed in India; Fit Out Deposit entitlement; E … nigel tormented guy paying little attention