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Jun 13, 2023 · The applicable TDS rate for Royalty and Fees for Technical Services for Residents. Let’s delve into the intriguing topic of TDS deductions on royalty and fees for technical services, specifically for payments made to residents.
Jun 10, 2024 · TDS Rate Chart for FY 2024-2025 (AY 2025-2026): Tax Deduction at Source (TDS) is one of the important compliances of Income Tax. Find out the TDS rates applicable to resident and non-resident Indians.
Jun 13, 2024 · Payments made to residents for professional fees, technical services, royalty, etc., are covered under section 194J. Entities need to deduct TDS when payments exceed Rs 30,000. Non-deduction or late deduction of TDS leads to disallowance of expenditure and accrues interest.
Aug 11, 2020 · Section 194J contains provisions related to deduction of TDS on professional Fee and Technical fees which requires deduction of TDS @ 10%. However, the Finance Act, 2020 reduced the rate of TDS from 10% to 2% for few payments under section 194J.
Jul 6, 2021 · SOLUTION. 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 aggregate of such amounts credited or paid to a person exceeds Rs. 30,000 in the F.Y. 2021-22.
May 7, 2020 · 1. TDS exemption limit shall not be available if the payment is made to the director of the company by way of remuneration, fees or commission (excluding salary) 2. TDS shall be deducted at the rate of 2% if the payee (receiver of money) is engaged in the business of call center (w.e.f. 01.04.2020)
Apr 30, 2024 · What is Royalty? When authors provide their books to publishers for publication, the publishers generate profits through book sales. As a form of compensation for the authors' content creation, the publishers agree to pay a portion of their profits or sales to the authors.
Before making royalty payments, the payer must deduct tax at the source (TDS) under the Indian Income Tax Act. Royalty income TDS is 10% for domestic payments and varies for foreign payments based on the Double Taxation Avoidance Agreement (DTAA) between India and the recipient’s country.
royalty and fees for technical services have assumed enormous importance over the period of time. Finance Act, 2012 made substantial changes in the definition of Royalty with retrospective effect. Subsequently, Finance Act, 2013 increased the rate of taxation on Royalty and FTS from 10% to 25%. The Finance Act, 2015 once
Aug 14, 2018 · Royalty payments (taxable under the IT Act) are ordinarily subject to TDS @ 10% (plus surcharge and cess, as applicable) under the IT Act.
