Tds limit on 94j
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