2024 Professional fees tds deduction

Professional fees tds deduction

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Webb22 jan. 2024 · 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 2024. 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 … Webb3 feb. 2024 · TDS u/s 194J needs to be deducted by deductor other than an individual or a HUF, @ 10% on any amount paid or payable to any which is in excess of INR 30,000 as: Fees for professional services Fees for technical services Any remuneration or fees or commission by whatever name called paid to a director ( other than salary) Royalty

TDS – All about Tax Deducted at Source – TDS Meaning, Filing, …

Webb25 juni 2024 · Changes made to Section 194J under Income Tax Act: As part of the Finance Bill 2024, Section 194J of the TDS was changed. These are some of them: Fees for technical services (which are not considered professional services) will be subject to a 2 percent tax deduction. In all other circumstances, the rate might be as high as 10%. Webb29 mars 2024 · For example, as per the provisions of Section 194J, no TDS required to be deducted if payment of professional fees do not exceed Rs, 30,000/-. So, here the threshold limit is Rs. 30,000 and TDS needs to be deducted only if it exceeds 30,000. What are the different TDS threshold limits under the Income Tax Act? how to send gps location on iphone

TDS Calculation: Formula & Process to Calculate TDS - Digit …

Webb6 juli 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 … Webb6 aug. 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 aggregate of such amounts credited or paid to a person exceeds Rs. 30,000 in the F.Y. 2024-22. Webb17 feb. 2024 · TDS on professional fees or technical services is to be deducted by the person making payment for such services. The same has been provided under Section 194J of the Income Tax Act. For example, the following fees are covered under Section 194J: – Professional fees paid to lawyers, doctors, chartered accountants, architects, … how to send google meet invite in gmail

TDS u/s 194J not deductible on payment to contract teachers

Clarification w.e.f. 05-04-2024 on Section 192 of the Income Tax …

Webb3 feb. 2024 · TDS u/s 194J needs to be deducted by a deductor other than an individual or a HUF (not liable to tax audit) @ 10% on any amount paid or payable to any person which … Webb17 feb. 2024 · TDS shall be deducted @ 10% on Rs. 2,00,000 i.e. Rs. 20,000. Example 3: ABC Pvt. Ltd. paid Rs. 10,00,000 to XYZ towards fees for technical services (not being a … how to send group message in slackWebb30 juni 2024 · New TDS rates have been applied on supply of goods and execution of contracts. The payer will deduct tax at a 50% higher rate on payments to contractors (u/s 52), if the payee does not receive payment by bank transfer or mobile financial services or any other digital means approved by a Bangladeshi bank. FY 2024-21 Income limit TDS … how to send group email hiding recipients

"Webbdeduction of tax at source (TDS). However, a company, société or succession which awards contracts for construction works is required to apply for TDS even if its turnover … " - Professional fees tds deduction

Professional fees tds deduction

Updated TDS Rate Chart for FY 2024-23/AY 2024-24

WebbTDS is to be deducted under this section at the rate of 10% . If the recipient of income doesn’t furnish his PAN to deductor then TDS is to be deducted @ 20%. No surcharge, education cess or SHEC shall be added to the mentioned rates. Also, TDS is to be deducted on fees excluding the GST component. Webbtds-deduction-rate-chart-for-ay-2024-2024-fy-2024-2024 - Read online for free. ... {Section 20688) Rate (%) Rate (%) Fees for professional or technical senices ~ Payment towards fees for technical services 30,000 z 3 ia Fagoert Dinca ofe tty No Umi 10 70 ~ Payment to payee having only business of Cal soowl 2 : ...

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Webb8 mars 2024 · In the case of lower amounts, TDS is not applicable. For example, say you pay a fee of Rs 25,000 to an advocate for professional services availed. Since the amount paid does not exceed the threshold limit of Rs 30,000, no TDS is deductible. However, if the fee is Rs 40,000, TDS would apply. WebbFor example, ABC Pvt Ltd have to make payment of Rs 1,00,000 to Mr. XYZ for professional fee. TDS rate specified on professional fee is 10%. TDS required to be deducted = 10% on Rs 1,00,000 = Rs 10,000. Net payment to Mr. XYZ = Gross Amount – TDS Deducted = Rs 1,00,000 – Rs 10,000 = Rs 90,000.

Webb30 mars 2024 · TDS is required to be deducted at 10%. Shine Pvt ltd must deduct TDS of Rs 8000 and pay the balance of Rs 72,000 to the owner of the property. Thus, the … WebbAs per Finance Bill of 2024, new section 194M has been introduced. As per the section, if the “'PAYMENTS TO RESIDENT CONTRACTORS AND PROFESSIONALS’ exceeding ₹ 50,00,000 during the year, the Payer / Deductor has to deduct tax at the rate of 5% or 3.75% from the sum payable to a resident Payee/Deductee (depending upon the Date of …

Webbför 15 timmar sedan · Dist. Intermediate Educational Office Vs Income Tax Officer (TDS) (ITAT Hyderabad) ITAT Hyderabad held that payment to contract teachers doesn’t qualify as ‘fee for professional services’ and accordingly TDS under section 194J of the Income Tax Act not deductible. Facts- The common question that arises in both these appeals is …

Webb13 apr. 2024 · Fee for professional service or royalty etc. 30000 10 10: 194K: Payment of dividend by mutual Funds: 5000: 10: 10 194LA: Compensation on transfer of certain immovable property other than agriculture land 2.50Lakh 10 10 194LA: Immovable Property (TDS exempted under RFCTLARR Act (wef 01.04.2024) – – – 194LA: Immovable …

Webb3 mars 2024 · TDS will be deducted at the rate of 2% in case fees for technical services (not being professional services) and for professional services, TDS would be deducted … how to send group certificates in xeroWebbSection 194J of the IT Act deals with the tax deducted at source (TDS) on professional fees or fees for technical services. If the total receipts or turnover or sales of an individual or Hindu Undivided Family(HUF) surpasses the limit specified u/s 44AB-A and B, they will be covered under this section. Payment Types Covered under Section 194J how to send grab voucherWebb13 dec. 2024 · Section 194J of The Income Tax Act 1961, pertains to deduction of tax at source in case of fees for professional or technical services. It applies to TDS on … how to send greeting cards by emailWebb13 okt. 2024 · Consequences of Non-Payment of TDS/TCS. The person who fails at filing the statement for TDS/TCS may be directed by the Assessing Officer to pay a minimum penalty of Rs 10,000/- within the due date, which may be further extended to Rs 1,00,000/-. The penalty that is levied u/s 271H is in addition to the fee that is levied for late filing u/s … how to send google reviewWebbUnder the system of Tax Deduction at Source (TDS), the payer is required to deduct tax at the time the payment is received by or credited to the account of the payee. This is … how to send google meet invite on whatsappWebb22 jan. 2024 · TDS is required to be deducted if the amount of payment in a year exceeds Rs. 30,000. However, Threshold exemption limit is not available only in the case of Fees / … how to send group imessageWebb8 maj 2024 · TDS should be deducted by any person who provides perks or benefits, whether convertible into money or not, to any resident for carrying out any business or … how to send google meet invite on mail