Professional fee tds section
Webbmanagement services and other ancillary services pursuant to section 111B(m) 3 14 Payment made by insurance companies to motor surveyors and mechanics pursuant to … WebbSection 194M of the Income Tax Act, 1961 states that for all the transactions with effect from September 1, 2024, Tax @ 5% or 3.75% should be deducted (depending upon the Date of Payment/Credit to the Deductee) by the Payer/Deductor at the time of making ‘Payments to Resident Contractors and Professional’ Tax so deducted should be deposited to …
Professional fee tds section
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Webb12 mars 2024 · Business of operation of Call centre – 2%. 5. Threshold for deduction u/s 194-J. The threshold for deduction of TDS u/s 194-J for various services are as follows. … Webb13 juli 2024 · The assessee hospital paid an aggregate amount of Rs.11.17 Crores to full time consultant doctors as professional fee. According to the TDS Officer, as this was …
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 … Webb10 feb. 2024 · Here firm XYZ is not liable to deduct TDS from payments made to Mr. Red as Rs. 30,000/- limit is separate for each item, namely fees for technical services and …
Webb29 jan. 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 … Webb30 mars 2024 · Section 206AA - As per this section if the deductee does not provide valid PAN to the deductor, TDS shall be deducted at higher of the following rates: For payments under sections 194O and 194Q : At higher rate of 20% or applicable TDS Rate, whchever is higher. For payments under sections other than 194O and 194Q : At higher rate of 5%.
Webb26 maj 2024 · TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of fees for technical as well as professional services. We prepared …
Webbtds on professional fees Section 194J – Fees for Professional or Technical Services Since the limit was not exceeded for the first time, no TDS should be deducted from Rs. … dr prince hand surgeonWebbSo, I recently found out that they are filing TDS under 192J(b) section which is TDS on professional fee. So, I am actually not a employee. They are also providing payslips with zero salary breakdown. They just mention 5000 TDS on 50000 Salary. No basic salary, no allowances, no PF, no insurance, zero breakdown. How should I respond to this ... college of key westWebb13 mars 2024 · Is There A Limit To TDS On Professional Fees? A maximum limit of ₹30,000 applies to each item or payment separately. This section also applies to … college of kinesiology usaskWebb15 apr. 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 … college of justice and safety ekuThe type of payments to residents covered under this section are as follows: 1. Professional fees 2. Fees for technical services 3. … Visa mer 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 … Visa mer 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 … Visa mer college of lake county 1098-tWebbför 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 … college of laboratory technologistsWebbPayment on account of purchase through local L/C. (Section 52U) Respective Bank or Financial Institutions. 3% on the amount paid or credited not being in the nature of Disributor Financing. 1% on the amount paid or credited in case of Distributor Financing Agreement. Tax shall be deducted at the rate of. two percent (2%) in. dr prince frederick md