Tds rate us 194j
WebFeb 22, 2024 · Under Section 194J, the TDS rate for fees paid for technical services is 2% of the payment, while the TDS rate for fees paid for professional services is 10% of the payment. ... About us. LegalWindow.in is a professional technology driven platform of multidisciplined experts like CA/CS/Lawyers spanning with an aim to provide concrete … WebOct 2, 2024 · 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. In order to identify the TDS transactions which were deducted @ 2% or 10% section 194J is classified ...
Tds rate us 194j
Did you know?
Web194J: Fees for professional or technical services: Rs 30,000: 2% (for technical services) (or) 10% (payable towards royalty in the nature of consideration for sale, distribution or exhibition of cinematographic films;) ... TDS rate in case ofNon-availability ofPAN ... TDS on payment forVirtual Digital Assets “Specified Person” Payer– 50 ... WebDec 1, 2024 · The rate at which the TDS is deducted. There is a fixed rate for Deducting tax under section 194J of the Income Tax Act. 10% is the rate of TDS based on which the TDS is deducted for Professional, Technical, Non-compete, and Royalty fees in a fiscal year. However, remember the amount from which the tax is deducted should be above 30,000 …
WebJan 23, 2024 · Updated: 23-01-2024 12:55:13 PM. As per Union Budget 2024, the TDS rate for the payment of fees for technical services under Section 194J of Income Tax Act has been reduced to 2% from 10%. The TDS rate for the payment other professional services except that for technical services remains same at 10%. This change in TDS rate will … Web144 rows · Tax on total income as per rate in force. Section 194Q: Payment to resident for purchase of goods of the aggregate value exceeding Rs. 50 lakhs Note: TDS is …
WebTDS rates under DTAA; Tax rates as per Income-tax Act vis-à-vis tax treaties; Utility on DTAA; Withholding Tax; DEPARTMENTAL INFORMATION. Departmental News; … WebMay 2, 2024 · As per Budget 2024, TDS under section 194J at the rate of 10% is applicable on the professional Charges , royalty, remuneration or fees to director, fees for not carrying out any work , fees for not sharing any know how or patent or copyright and in case of Technical Charges, TDS is applicable at the rate of 2% under section 194J of the Income …
WebFeb 26, 2016 · Financial bill 2012 has amended section 194J that tax is required to be deducted on the directors remuneration, which is not in the nature of salary, at the rate of …
WebJun 28, 2024 · Talk to us for more details. TDS on purchase of goods-Sec194Q of the Income Tax Act -From 01.07.2024, businesses will have to take note of these provisions. Talk to us for more details. ... on use of computer software TDS is deducted u/s 194J as royalty, therefore can be said to out of ambit of section 194Q. ... What is rate of TDS … how do they make waffle friesHowever, the threshold limit of Rs 30,000 (for professional services) is crossed while making payment for the second time. Hence, TDS shall be deducted at total Rs. 60,000 (Rs 10,000 + Rs 50,000) at the rate of 10%. What is Section 194J under the Income Tax Act ? Section 194J governs the TDS provisions … See more The type of payments to residents covered under this section are as follows: 1. Professional fees 2. Fees for technical services 3. Remuneration paid to directors excluding salary (For … 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 … See more how do they make wendy\u0027s chiliWebFeb 26, 2016 · First payment is Rs. 35000 ( more than Rs.30000 threshold ) so He is required to deduct TDS of Rs. 3500 (at 10% of Rs.35000. ) Second payment is Rs. 10000. TDS will be Rs.1000 (10% of Rs.10000). I hope now you are clear about all points regarding TDS on professional service / technical service / directors remuneration u/s 194J. how do they make vitamin d supplementsWebJun 17, 2024 · Given below is a list of deduction rates made in TDS under 194J: Technical service payments: 2%. Call centre operators’ payments: 2%. Royalty payments made on … how much sleep do you need when pregnantWebMay 6, 2024 · In the earlier years, when the TDS RATE U/S 194j is 10% with out distinction between technical or professional services, we used to apply for lower deduction in Form 13 and get a certificate for TDS @5/6% instead of 10%. Eventhough there is an amendment regarding tds @ 2% for technical services, the deductor is saying it still as 10%. how do they make white chocolate whiteWeb1 day ago · 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 whether the ... how do they make whey proteinWebJan 21, 2024 · Summary. Section 194J (194JA/194JB) of Income Tax Act provides the TDS related to professional or technical services. And while making payment for such services, you have to deduct TDS under section 194J at the rate 10% or 2% as applicable and then deposit the TDS to the government. Taxation. how do they make white chocolate