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Jun 13, 2024 · Under Section 194J payments towards fees for professional or technical services have TDS implications. Know more about the section 194J, its rate for deduction of tax, time of deduction, consequences of non-deduction or late deduction here.
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.
Jun 26, 2024 · Section 194J of the Income Tax Act mandates TDS on fees for professional or technical services. Understand the rates, thresholds, and exemptions under this section. Our guide offers insights into compliance, calculation, and implications for service provi.
Apr 4, 2020 · The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or technical services. Page Contents. Coverage of Section 194J of the Income Tax Act. List of notified services. Understanding the meaning of important terms –. 1. Professional Services –.
Dec 13, 2021 · Section 194J of The Income Tax Act 1961, pertains to deduction of tax at source in case of fees for professional or technical services. It applies to TDS on payment of any sum by way of –. a) fees for Professional services. b) fees for Technical services.
Aug 5, 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.
Feb 3, 2023 · Section 194J: TDS on Professional or Technical Fee - Learn by Quicko. TDS is to be deducted u/s 194J @ 10% from the payment made for Professional Fees / Technical fees in excess of Rs. 30,000. Estimated reading time: 4 minutes
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. 1. Applicability of Provisions of Section 194J.
Oct 7, 2020 · While 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.
Types of Payments in 194J. TDS on professional fees. Fee for technical services. Remuneration paid to directors. Royalty. Payments in the nature of non-compete fees. Amendments in TDS Section 194J.
