Fees for professional services tds

Author: yjpm

August undefined, 2024

WebNov 27, 2024 · TDS u/s 194-O. As we are aware the Finance Act 2024 has inserted a new section 194-O under the Income Tax Act, 1961 which requires that an e-commerce operator shall deduct TDS @ 1% of the gross amount of sale of goods/ services or both facilitated through its digital or electronic platform. This provision took effect from 1st October 2024. WebAug 6, 2024 · TDS Section 194J is a provision in the Income Tax Act 1961 that deals with the deduction of TDS on fees for technical and professional services. The section is getting attention again after the Finance Bill 2024, which has made some revisions to it. The revised version of the section will come into effect from 1/04/2024.

Section 194J - Fees for professional or technical services

WebApr 11, 2024 · This book provides a detailed analysis of TDS & TCS provisions and guidance on controversial topics with supporting case laws. All provisions of TDS and TCS are covered in independent chapters with prominent headings for pinpointed discussions on all aspects of the law and its compliance. It covers alphabetical TDS/TCS/SFT Reckoner … Web30,000 in case of fees for professional services or; 30,000 in case of fees for technical services or; 30,000 in case of royalty or; 30,000 in case of sum referred under section 28(va) ... is considered as payment of professional fees under section 194J. TDS is required to be deducted at the rate of 10% and no threshold limit of rs. 30,000 ... gaf deck armor synthetic underlayment

Section 194J Under TDS - Professional or Technical Services Fees

WebJul 6, 2024 · Fees for professional services: Rs. 30,000: 10%: Fees for technical services and payment to call centers: Rs. 30,000: 2% (for FTS- 10% upto FY 19-20) Remuneration or fees to Director (other than … WebMay 18, 2016 · To cover the costs necessary to maintain a compliant plan, TDS charges an administration fee for each active account within the plan. Many vendors are paying the … WebJan 21, 2024 · Fees for technical services, royalty for sale, distribution or exhibition of cinematographic films and call centers. Code 194JB is used for 10%. Fees for professional services, royalty, non-compete fees, director’s remuneration etc. Also Read: Section 194O: (TDS on Payments to E-CommerceParticipants) gaf dallas texas plant

Section 194J – Fees for professional or technical services

Professional Services Vs. Technical Services U/s 194J - CONSULT…

WebAug 25, 2024 · TDS on payment to NRI ass Fees for Technical Services or Business Income or Independent Personal services (IPS). Foreign remittances are subject to Tax Deduction at Source (TDS) u/s. 195. There is a lot of confusion as to the applicability of TDS U/s 195. It may be noted that every payment to a non-resident is not liable for TDS u/s. … black and white floor tiles porchWebMay 26, 2024 · According to Section 194J of the Income Tax Act, TDS (Tax Deducted at Source) is deducted against fees paid for professional or technical services. TDS is also deducted for paying Royalty and commission/remuneration to Directors under Section 194J. This article gives you all the details – when TDS should be deducted as per Section … black and white floor tiles victorian

"WebDec 13, 2024 · This implies that the rate of TDS is 10% in case of fees paid for professional services while it is 2% in case of fees for technical services. As the rate … " - Fees for professional services tds

Fees for professional services tds

Most Commonly Used TDS Sections along with TDS Rates and …

WebMar 31, 2016 · View Full Report Card. Fawn Creek Township is located in Kansas with a population of 1,618. Fawn Creek Township is in Montgomery County. Living in Fawn … WebApr 10, 2024 · The tenant is responsible for deducting TDS on rent at the rate of 10% on the rent paid to the landlord if the rent paid exceeds Rs. 2,40,000 per annum as per the norms of Income Tax Act under section 194 – I. The tenant must also remit the TDS amount to the government. If the landlord is a non-resident, the tenant must deduct TDS at the rate ...

Did you know?

WebTDS rate chart for FY 22-23 with threshold limit. TDS rate chart for FY 22-23 with threshold limit. tds-deduction-rate-chart-for-ay-2024-2024-fy-2024-2024 ... {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 ... WebFeb 5, 2024 · Fees for professional or technical services: i) sum paid or payable towards fees for technical services 30,000: 2% – ii) sum paid or payable towards royalty in the nature of consideration for sale, …

WebOct 2, 2024 · Section 194J of the Act originally provided for deduction of income tax from the payments made towards fees for professional or technical services at the rate of 10%. A new category was added wherein TDS @ 2% was provided by Finance Act 2024. The amendment has reduced the rate of TDS for payments made towards ‘fees for technical … WebDec 9, 2024 · Check TDS rate chart FY 2024-21 in table for resident, non residents, domestic and foreign companies as per their sections under Income tax. ... Fees for professional or technical services or royalty: 2: Section 194J: Any other fee: 10: Section 194K: 10: Section 194LA: 10: Section 194LBA(1) 10: Section 194LBB: 10:

WebTDS stands for tax deducted at source. As ClearTax explains, TDS ensures that “income tax is deducted in advance” instead of down the line. According to QuickBooks, “TDS under … http://vasai.icai.org/resources/Utilities/Rates_of_TDS/Rates_of_TDS.aspx

WebAug 11, 2024 · Provisions related to TDS are given under Chapter XVII-B of the act. Section 194J contains provisions related to deduction of TDS on professional Fee and Technical fees which requires deduction of TDS …

WebApr 13, 2024 · 0.1%. 0.1%. 5.0%. 50,00,000/-. In conclusion, TDS is a crucial aspect of income tax compliance, and the TDS rates vary depending on the type of payment and the status of the recipient. It is essential to understand the applicable TDS rates and comply with the TDS provisions to avoid any penalties and interest charges. black and white floppy hatWebApr 26, 2024 · TDS on payment to resident contractors and professionals or by way of commission / brokerage (other than those who covered u/s 194C or 194J) by … gaf dark brown shinglesWebApr 14, 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 … gaf diathon coatingWebJan 22, 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 … black and white floral armchairWebSection 194J contains a provision related to the deduction of tax at source (‘TDS’) from income by way of fees for professional or technical services. Types of payment covered u/s 194J. The types of payments considered under section 194J are as follows: Fees for Professional Services; Technical services fees; Payment to the call-center operator black and white floor tiles textureWeb1 hour ago · Conclusion- It is, therefore, clear that while requiring the persons responsible for paying to a resident any ‘fee for professional services’ to deduct the TDS at a specified rate, by way of explanation it is provided that for such purpose, the “professional services” shall mean services rendered by a person in the course of carrying on ... black and white floral art printsWebFeb 11, 2024 · Rendering of services for procurement of orders might include technical or professional fees which then shall be subject to TDS under Section 194J. – Circular No. 715/ 1995 . When third party administrators make payment on behalf of insurance company to hospital for insurance/ medical claims, it is subject to TDS under Section 194J. black and white floor tiles vinyl