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Jul 4, 2024 · Under Section 194J payments towards fees for professional or technical services have TDS implications. Know more about the section 194J, its rate for deduction of tax, time of deduction, consequences of non-deduction or late deduction here.
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.
Oct 23, 2024 · Rate of deduction of TDS. In the above-mentioned circumstances, presently the person deducts the TDS at the rate of either 10% or 2% of the payment or fee credited or transferred under Section 194J (1). The rate of deduction of TDS was 5 % when this Section was inserted into the Act of 1961 i.e. in 1995.
Apr 4, 2020 · Every person making payment of the following notified services is required to deduct TDS under section 194J of the Income Tax Act, 1961 –. Fees for professional services; Fees for technical services; Royalty; Remuneration / fees / commission paid to director of the company (excluding salary);
Dec 28, 2022 · Payments towards professional and technical services may carry TDS provisions as covered under section 194J of the Income Tax Act. Learn what Professional Services, Fees for Technical Services, Royalty, and Non-compete Fees mean under Section 194J.
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.
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.
Sep 18, 2024 · Learn about Tax Deducted at Source (TDS) in India, focusing on Section 194J which covers TDS on fees for professional and technical services. This blog post explains the importance of TDS, the specifics of Section 194J(a) for professional services, and Section 194J(b) for technical services, both of which mandate a 10% deduction.
Feb 3, 2024 · When and How to Deduct TDS under Section 194J: How to Apply for a Lower Rate of TDS under Section 194J? What are the Consequences of Non-compliance with Section 194J? Tips and Best Practices to Comply with Section 194J
