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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 26, 2024 · The rate of TDS deducted as per Section 194JB is two to 10 percent. The table below breaks down the particulars of the act and the applicable tax rates along with it: Particulars
Jan 29, 2021 · Section 194J provides for deduction of income tax from the payments made towards fees for professional or technical services at the rate of 10 per cent. The rate of TDS for both the 'fees for professional services' and 'fees for technical services' is 10 per cent.
Under Section 194JB of Income Tax Act, the tax deduction at source (TDS) rates applicable to taxpayers for professional payments are clearly defined. The current 194JB TDS rates are as follows: 2% TDS Rate for PAN holders: A TDS rate of 2% is applicable on the total payment made to professionals if the aggregate amount exceeds ₹30,000 in a ...
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 fees ...
Sep 24, 2024 · The current tax rates for TDS under Section 194JB are as follows: 2% TDS on the total payment made to professionals if the amount exceeds ₹30,000 in a financial year. 10% TDS for payments made to professionals who do not provide their Permanent Account Number (PAN).
Apr 4, 2020 · Rate of TDS deduction – The Deductor is required to deduct TDS at the following prescribed rates under section 194J of the Income Tax Act, 1961 – Particulars
Dec 5, 2023 · Any person other than individual/HUF whose total sales or turnover from the business does not exceeds Rs 1 crore in case of business and Rs 50 lakhs in case of profession are required to deduct TDS u/s 194-J on the following services. Fees for Professional services. Fees for technical services.
Enacted by the Finance Act 2019, Section 194JB became effective on September 1, 2019. It mandates TDS on fees paid for professional services like medical, architectural, legal, consultancy, or managerial assistance. The TDS rate varies between 2% to 10%.
Jul 6, 2021 · Sponsored. 1) Analysis of Section 194J of Income Tax Act, 1961. Every person other than an individual or a HUF, who is responsible for paying to a resident any sum by way of –. (i) fees for professional services; or. (ii) fees for technical services; or.
