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Jul 4, 2024 · Section 194J covers payments for professional and technical services. Deductions have a threshold limit of Rs. 30,000. Non-compliance has consequences such as disallowance of expenditure and interest levy. Payments can include professional fees, technical services, royalty, and non-compete fees. TDS rates vary based on the type of payment.
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.
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.
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.
Jun 26, 2024 · According to Section 194J of Income Tax Act, any person (other than an individual or a Hindu Undivided Family) making payment to a resident for professional or technical services is required to deduct TDS at the rate of 10% or 2% as applicable of the amount paid or credited to the recipient.
Feb 3, 2023 · Which services are covered under section 194J and what is the limit to deduct TDS u/s 194J? TDS u/s 194J needs to be deducted by deductor other than an individual or a HUF, @ 10% on any amount paid or payable to any which is in excess of INR 30,000 as: Fees for professional services; Fees for technical services
What is Section 194J of the Income Tax Act? Section 194J refers to TDS provisions relating to specific services. It requires anybody who pays fees to a resident for such defined services such as professional or technical services to deduct TDS. Types of payments covered under Section 194J.
Oct 7, 2020 · Table of Contents. Any person (other than individual or huf who is not liable to audit under section 44AB who is responsible for paying to a resident. Fees for professional services. Fees for technical services. Royalty.
Feb 10, 2021 · Section 194J | TDS on Professional or Technical Fees. CA.R.S.KALRA , Last updated: 10 February 2021. Share. 194J. (1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of- fees for professional services, or. fees for technical services, or.
As per Section 194J of the Income Tax Act, TDS is to be deducted @ 10% on any amount paid to any resident as:- Fees for professional services, or. Fees for technical services, or. Royalty, or. Any sum referred in Section 28 (Discussed below) Exceptions to TDS Deduction under Section 194J.
