Tds on 94j limit
WebJul 6, 2024 · 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 … WebNov 23, 2024 · X Limited shall deduct TDS on sitting fees Rs. 10,000 @ 10% u/s 194J as such payment is covered under the ambit of section 194J. It is to be kept in mind that the threshold limit of Rs. 30,000 is not applicable on payments made to the directors under section 194J. Is TDS to be deducted on obtaining legal services?
Tds on 94j limit
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WebAnswer (1 of 2): No it is not compulsory because 194J deals with TDS and 44AD deals with presumptive taxation scheme for businesses. If your TDS has been deducted u/s 194J … WebJun 5, 2024 · Section 194J – TDS on Professional or Technical Fees There may also be intent behind levying a higher TDS rate in the case of professional services, as there are higher margins in the case of a “profession”. In profession, one earns with the power of the mind, whereas in business there have to be much more overheads and infrastructure …
WebJan 22, 2024 · – Tax deduction rate for u/s 194J (a) is 2% and for 194J (b) is 10% – In case of payee fails to furnish PAN, he will be liable to pay TDS at the rate of 20% Threshold … WebAnswer (1 of 3): No. The term professional has been assigned separate definitions under section 194J and section 44ADA. Section 44ADA clearly mentions that this section …
WebApr 13, 2024 · Under Section 194J, Rs.30,000 is the maximum limit which is applicable to each item or payment independently. TDS under this section is also applicable on … The type of payments to residents covered under this section are as follows: 1. Professional fees 2. Fees for technical services 3. … See more Every person making a payment in the nature of fees for professional or technical services is liable to deduct tax at source. However, below persons are not liable to deduct TDS on such payments: 1. In case of an individual or … See more The tax should be deducted at the time of- 1. Passing such entry in the accounts or 2. Making the actual payment of the expense, whichever earlier. See more
Web1 [4830-01-p] Published April 11, 2005 DEPARTMENT OF THE TREASURY Corrected June 3, 2005
WebApr 13, 2024 · TDS on e-commerce participants: 5 Lakh: 1%(01.10.2024) 1% (01.10.2024) 194P: TDS in case of Specified Senior Citizen: Not Applicable: Rates in Force 194Q: TDS on Purchase of Goods exceeding Rs. 50 Lakhs (Applicable From 01-July- 2024) In Excess of Rs. 50. Lakhs 0.1 0.1 194R: Benefits or perquisites of business or profession 20000 10 10 … kwh literWeb38 rows · No TDS from payments made out of deposits under NSS. 194EE. If amount paid or payable during the financial year does not exceed Rs. 2,500. 14. No TDS from … kwh mal centWebAug 4, 2024 · We have deducted Tds for 94J Technical services at 2% and 1.5% and paid the amount. Now the dept has sent the notice stating that it is for 94J @ 10 % 7.5%. How … kwh meaningWebTDS is required to be deducted only when the aggregate of the amounts of such income credited or paid or likely to be paid or credited during the financial year exceeds rs. 20,000. (Rs. 15,000 from 1st June 2016) Rate of TDS and Threshold Limits under Section 194D profile people searchWebJun 22, 2024 · Find the table below for the TDS (Tax Deduction at source) rates and threshold limits for the financial year 2024-22 or assessment year 2024-23. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. profile performance systemWebApr 28, 2024 · After the introduction of two rates in section 194J - TDS @ 10% and TDS @ 2%, it is imperative for the e-TDS return utility to segregate the transactions of tax … kwh meansWebJan 23, 2024 · What is the Threshold Limit for Section 194J Deduction? The minimum TDS exemption limit specified under Section 194J as of AY 2024-20 is Rs. 30,000 per annum … kwh microwave