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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.
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.
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%.
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.
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 ...
Oct 2, 2021 · What is Section Code 194JA and Section Code 194JB? After the introduction of above two rates in section 194J i.e., TDS @ 10% and TDS @ 2%, it became necessary for the e-TDS return utility to segregate the transactions of tax deduction under section 194J in two parts for 10% and 2% separately.
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);
Mar 10, 2023 · Section 194JB provides an exemption for income received by the non-resident individual or foreign company from units of a specified mutual fund.
Sep 6, 2024 · सेक्शन 194JB इनकम टैक्स एक्ट में एक प्रावधान है जिसका टेक्निकल और प्रोफेशनल्स सर्विसेज के लिए ली जानें वाली फीस पर TDS की कटौती से लेना-देना है। यह सेक्शन 194J के टैक्सेशन कवरेज की डिटेल देता है, जो ऐसी सर्विसेज का फायदा उठाने के लिए देश के किसी भी निवासी को पेमेंट करने पर होने वाली टैक्स लायबिलिटी से संबंधित है। इस आर्टिकल में हम आपको इनकम टैक्...
Nov 14, 2022 · Applicability : Section 194J of Income Tax Act, 1961 applies to payments made to residents as Fees for Professional Services, Fees for Technical Services, Royalty and Non compete Fees. Definition:
