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Jul 4, 2024 · What is the limit to deduct TDS under Section 194J ? TDS is required to be deducted under Section 194J if the payment towards professional or technical services covered under this section exceeds Rs 30,000 per annum.
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.
Oct 22, 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 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 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.
Nov 14, 2022 · Dive deep into the intricate details of TDS under Section 194J of the Income Tax Act, 1961. This comprehensive analysis covers the applicability to various payments, definitions of professional services, technical services, royalty, and non-compete fees.
Section 194J of the Income Tax Act, 1961 states that every person or entity, except individuals and Hindu Undivided Families (HUFs), making payments for professional or technical services must deduct TDS at the specified rates and deposit it with the government of India.
Feb 3, 2024 · The threshold for deducting TDS under Section 194J is Rs. 30,000 per financial year for each type of payment. This means that if the total amount of payment made to a resident for any type of payment covered under Section 194J exceeds Rs. 30,000 in a financial year, TDS has to be deducted.
Oct 7, 2020 · Section 194J – TDS on Professional or Technical Fees. Author - Rohit Pithisaria. Last Updated - October 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.
Yes, TDS is levied on legal fees if the total sum reaches INR 30,000 in a given fiscal year. Section 194J provides the rules for deducting TDS on payments for scientific and skilled services. Learn about on the applicability and TDS rate under Section 194J.
