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Tds limit on 94j

WebMay 10, 2024 · TDS Under Section 194J (a) & 194J (b) The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, … WebJan 22, 2024 · Payments that are being covered u/s 194J (b) – Professional services – Royalty etc… Tax Deduction Rate – Tax deduction rate for u/s 194J (a) is 2% and for …

Section 194J TDS on Professional or Technical Fees

WebAug 14, 2024 · Payments to contractors – The TDS threshold limit has been proposed to increase from Rs 75,000 to Rs 1 Lakh. Payment of NSS Deposits ... please clarify whether it is coming under 94C or 94J and rate of TDS, please. Sreekanth Reddy says: September 23, 2016 at 7:35 pm. Dear Kumar..Kindly consult a CA. anil pal says: WebAnswer (1 of 8): Under 194c TDS will be decuted at 1% if payment is made to individual/HUF and 2% if payment is made to any person other than individual/HUF. Under 194j TDS will be deducted at 10% in all cases. Under 194j if payment made in a financial year to same person is less than 30,000 rs t... naval capacity stellaris cheat https://disenosmodulares.com

TDS Rate Chart for FY 2024-23/AY 2024-24 – Income Tax

Web38 rows · Threshold limits under Income-tax Act. J. Deduction of tax at source and Advance tax. 1. No deduction of tax at source from salaries. 192. If net taxable income is less than … WebFor 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%. Net payment to Mr. XYZ = Gross Amount – TDS Deducted = Rs 1,00,000 – Rs 10,000 = Rs 90,000. TDS is also deductible on salary. WebJan 28, 2009 · TDS Rates 2008-09. The TDS amount is subject to 3% Education Cess. There is a surcharge if the recipient is: * An artificial juridical person, a firm/domestic company and the aggregate payment or credit subject to tax deduction exceeds Rs. 1 crore. Example: If the TDS rate is 20% then the TDS rate with edu cess is 20.6%. naval canteen service

Tax Deducted at Source (TDS) for Business - ClearTax

Category:Section 194J – Fees for professional or technical …

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Tds limit on 94j

TDS Rate Chart for FY 2024-2024 (AY 2024-2024) including …

WebFeb 3, 2024 · Which services are covered under section 194J and what is the limit to deduct TDS u/s 194J? TDS u/s 194J needs to be deducted by deductor other than an individual … WebApr 28, 2024 · As the assessee had not deducted any TDS, the AO made disallowance of Rs. 2.46 Crore under section 40 (a) (ia) of the Act for non-deduction of TDS. The CIT (A) relied on the decision of the Bombay High Court rendered in the case of CIT vs. Intervet India Pvt. Ltd. (ITA No.1616 of 2011) and decided the issue in favour of the assessee.

Tds limit on 94j

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Web36 rows · Mar 29, 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, … WebMay 6, 2024 · Threshold Exemption Limit – TDS is not deductible in case the payment doesn’t exceed the prescribed threshold exemption limit. No TDS is to be deducted if the aggregate amount credited / paid during the financial year doesn’t exceed – 1. INR 30,000 in case of fees for professional services. 2. INR 30,000 in case of fees for technical ...

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 … WebNote 1: Consider tax treaties before determining the rate of withholding tax under Section 195. Note 2: Monetary limit for TDS applicability should be considered while determining TDS liability. Advisory: Information relates to the law prevailing in the year of publication/ as indicated .Viewers are advised to ascertain the correct position/prevailing law before …

WebJan 29, 2024 · Finance Act 2024 has introduced certain changes in the TDS section 194J of the Act. Section 194J provides for deduction of income tax from the payments made … WebThe Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.

WebMar 18, 2024 · Now let’s take a look at amendments due to Finance Bill 2024. TDS will be deducted under Section 194J at rate 2% in case of fees for technical services (not being …

WebJul 15, 2011 · Is TDS deductible on Pest Control Services (each month Bill of Rs. 15470/-) if yes then Under Sec 94C or 94J ?? Is TDS deductible on Security & Guard Bills (each … markel consultancy services limitedWebJun 26, 2024 · Since the limit did not exceed for the first time, No TDS should be deducted on Rs. 10,000. However, the threshold limit of Rs 30,000 (for professional services) is crossed while making payment for the second time. naval catheterWebTDS or Tax Deducted at Source is income tax reduced from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the persons ... The threshold limit of INR 1 Crore is for aggregate cash withdrawn from an account during the Financial Year. ... markel contact listWebMay 6, 2024 · The following are the rates & threshold limit under section 194N for TDS Liability: The TDS to be deducted is 2% on the cash withdrawal above Rs. 1 crore, for an … markel collectionsWebJan 23, 2024 · The minimum TDS exemption limit specified under Section 194J as of AY 2024-20 is Rs. 30,000 per annum for all individuals and entities including call centres … markel contractors insuranceWebApr 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 … markel contractors supp appWebDec 4, 2010 · Presently the amount I received from college will be approximately 80,000 p.a. Also I found that as per sec 194J if one will get professional income above Rs. 20,000 during a financial year then only TDS will be deducted. However my cheque from college was just Rs. 4,500 (Total amount Rs. 5,000/- and TDS deducted 10%) naval careers uk