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What is the tax rate applicable for services listed under 194j?
Is section 194j effective for financial year 2022-23?
What is the TDs rate under section 194j?
What is section 194j under the Income Tax Act?
Jul 4, 2024 · Threshold Limit For Deducting Tax 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.
- TDS Rates in India. The following tables list the various TDS rates applicable to resident and non-resident payments as well as TDS rates on domestic and foreign companies in India.
- TDS Rate Charts for the FY 2023-24. Section. Deductee* Nature of transaction. Threshold Limit (Rs) TDS Rate. 192. R, NR. Payment of salary. Basic exemption limit of employee.
- Union Budget 2023 New TDS Provisions. Section 194BA – TDS on online gaming. Starting from April 1, 2023, TDS will be deducted on income earned from online gaming.
- Overview of TDS Rate Chart for the FY 2023-24. Section. Nature of transaction. TDS Rate. 192. Payment of salary. Normal Slab Rates. 192A. Premature withdrawal from EPF.
Feb 11, 2023 · TDS Rate Chart for FY 2023-2024 (AY 2024-2025) – Get complete details on Budget 2023 Amendments, Nature of Payment & Threshold Limits. Tax Deduction at Source (TDS) now at 3 crore limit for co-operative societies.
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.
Apr 26, 2024 · Section 194J of the Income Tax Act has made provisions for deducting tax at source on payments for professional or technical services. Any payers other than individuals or HUFs are required to deduct TDS at 10% or 2% while making payments to a resident, depending on the nature and amount of payment.
Mar 8, 2023 · The amended provision of section 194J is effective for financial year 2022-23 relevant to the assessment year 2023-24. In this article, you will learn detail of the provisions of section 194J of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Aug 7, 2024 · Is There a Limit to TDS on Professional Fees? A maximum limit of ₹30,000 applies to each item or payment separately. This section also applies to commissions or remuneration or fees paid to the director of a company, even if the amount does not form part of the salary.
