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What is TDs rate chart for FY 2023-24 (Ay 2024-25)?
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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.
- TDS Rate Chart for FY 2023-24 / AY 2024-25 – Updated - Tax Guru
Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the...
- TDS Rate Chart for FY 2023-24 / AY 2024-25 – Updated - Tax Guru
- 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...
For the purposes of this section "specified person" means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section (1) of section ...
Mar 6, 2024 · TDS on Professional Fees Limit for FY 2023-24. For the financial year 2023-24, the tax deducted at source (TDS) rate on fees paid to professionals is 10%. However, it is important to know the threshold limits that activate the deduction.
- 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.
Aug 23, 2023 · This article presents a tabular representation of the various TDS rates applicable for the Financial Year (FY) 2023-2024 or Assessment Year (AY) 2024-2025, which spans from 01.04.2023 to 31.03.2024. Additionally, it also explains the changes proposed in Budget 2023 with respect to TDS.
Jul 25, 2023 · Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Easy-to-understand guide.
