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What is the TDs rate under section 194j?
What services are covered by TDS under section 194j?
Who is liable to deduct TDs under section 194j?
What is section 194j under the Income Tax Act?
Jul 22, 2019 · Form 26AS is basically a consolidated tax credit statement that has all details of various taxes deducted on your income at source. You can access Form 26AS from the tax department’s website. By logging in net banking, you may also download Form26AS.
- Payments Covered
- Meaning of Various Terms
- Threshold Limit For Deducting Tax
- Persons Liable to Deduct Tax
- Time of Tax Deduction Under Section 194J
- Who Needs to Comply with Section 194J?
- Examples of TDS on Professional and Technical Services
- Consequences of non-deduction Or Late Deduction of TDS
The types of payments to residents covered under this section are as follows: 1. Fees for Professional fees 2. Fees for technical services 3. Remuneration or fees or commission paid to directors excluding salary (Example: sitting fees to attend board meetings) 4. Royalty 5. Payments in the nature of non-compete fees (i.e., fees paid to not carry on...
Professional Services It implies the services provided by a person to carry on medical, legal, architectural, or engineering professions. It also includes accountancy, advertising, interior decoration, technical consultancy or any other profession notified by the CBDT Board under Section 44AA. CBDT has notified the profession of a film artist, comp...
The tax has to be deducted in case the payment for professional and technical services is greater than Rs 30,000 during the year.Please note this Rs 30,000 maximum limit is applicable to each item or payment independently.However, there is no such limit for payments (commission, fees or remuneration) made to a director by the company. The tax will have to be deducted no matter how small the amount.Every person making a payment in the nature of fees for professional or technical services is liable to deduct tax at source. However, the below persons are not liable to deduct TDS on such payments: 1. In case of an individual or HUF carrying on a business: Where turnover does not exceed Rs 1 crore during the previous financial year. 2. In case of...
The tax should be deducted at the time of- 1. Passing such entry in the accounts or 2. Making the actual payment of the expense, whichever is earlier.
All types of taxpayers, excluding individuals or HUF, need to comply with the provisions of section 194J.However, an individual or HUF whose total sales exceeds Rs.1 crore in case of business and Rs. 50 lakhs in case of profession in the financial year in which the fees for professional services or fe...In other cases, section 194M might be applicable click hereto learn more.Example 1:Mr Jay has availed professional service from Mr Veer in F.Y. 2023-24. The first payment was in April month of Rs 55,000, and the second payment was in December month of Rs 22,000. Let us check the TDS liability for both the payments for the F.Y. 2023-24 in three scenarios: 1. Mr Jay is not liable for audit u/s 44AB. 2. Mr Jay is liable fo...
Not deducting the tax or late deduction of the tax has a two-fold consequence: 1. Disallowance Of Part Of The Expenditure:30% of the expenditure shall be disallowed in the year in which the expenditure is claimed (taken to the profit and loss account) – however, the 30% disallowed shall be re-allowed in the year in which the TDS is paid to the gove...
Aug 28, 2024 · According to Section 194J of the 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.
Which ITR form should I use if my income qualifies for both Sections 192 and 194J? If the 194J receipt is below Rs.50 lakh, you can file ITR Form 4, otherwise, ITR 3. Is a stipend subject to professional tax 194J?
- TDS provisions relating to specific services are governed under Section 194J. .
- Royalties, technical services, professional services, non-compete fees, and compensation given to company directors (other than salary) are among t...
- The payments of or above Rs.30,000 are eligible for tax deduction under Section 194J TDS. .
- Yes, TDS shall be applied on legal charges. .
- You can check the details of your TDS by obtaining Form 16 from deductors or by submitting Form 26AS via the income tax e-filing website or the TRA...
- Section 194J requires TDS to be deducted if the payment for professional or technical services covered by this section surpasses Rs.30,000 per year.
- While modelling may be a profession, neither the Income Tax Act's Section 194J nor the CBDT have designated it as such. Thus, receipts for a person...
- Anyone who pays a resident for professional or technical services, excluding individuals and HUFs is obligated to deduct TDS. HUFs and individuals...
- The director of an organisation provides management services. Thus, payments made to a director in the form of sitting fees, remuneration, or any o...
Feb 3, 2023 · What is Section 194J? TDS u/s 194J needs to be deducted by a deductor other than an individual or a HUF (not liable to tax audit) @ 10% on any amount paid or payable to any person which is in excess of Rs. 30,000 as: Fees for professional services; Fees for technical services
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 26, 2024 · Section 194J of the Income Tax Act lays down the provisions for TDS on fees for professional or technical services, a very important area in India for service providers and their recipients at large.
