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Jan 29, 2021 · Section 194JA and Section 194JB are not the engrossed sections or provisions in the Income Tax Act, 1961 (“Act”) but are segregated section codes for the section 194J of the Act for the purpose of filing of e-TDS return to distinguish deduction of tax (TDS) under section 194J either at 2% or 10%.
Jan 22, 2021 · The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, 194J (a) and 194J (b), effective from August 7 2020. u/s 194J (a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J (b) of the Income Tax Act is related to TDS deduction on ...
Jul 4, 2024 · However, an individual or HUF, whose total sales, gross receipts or turnover exceeding 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 fees for technical services is credited or paid is required to deduct tax on such fees.
Oct 2, 2021 · As per the utility of e-TDS provided, section code 194JA is assigned to denote deduction of tax under section 194J @ 2% whereas section code 194JB is assigned to denote deduction of tax under section 194J @ 10%.
Section 194JB of Income Tax Act requires that any person, excluding individuals and Hindu Undivided Families (HUF) not subject to a tax audit, must deduct Tax Deducted at Source (TDS) when paying fees for professional services.
Jul 26, 2024 · The Finance Act 2019 introduced Section 194JB of the Income Tax Act 1961, which came into effect on September 1, 2019. It covers TDS on the payment of fees for availing professional or technical services, such as medical, architectural, legal, consultancy, or managerial assistance.
Nov 14, 2022 · Definition: Professional Services (Sec 194J and 44AA): Payment for Medical, Legal, Architectural, Engineering, Accountancy, Advertising, Interior Decorator and Technical Consultancy. CBDT can also notify professions for the purpose of 44AA and 194J. CBDT has notified following.
