Income tax act 194j

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August undefined, 2024

WebJun 15, 2024 · TDS under section 194C is not required to be deducted in following cases: The amount of payment made to the contractor in a single contract which does not exceed Rs.30,000.If the aggregate amount of such contracts in a financial year exceeds Rs.1,00,000 then TDS will be deducted. When any amount is paid to the contractor by an individual or … WebApr 13, 2024 · 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 194LC. Income by way of interest by an Indian specified company to a non- resident/foreign company on foreign currency approved loan/long-term. infrastructure bond ‘from outside India.

Section 194J - TDS on Fee for Professional or Technical Services

WebSection 194J of the Income Tax Act focuses on provisions regarding TDS deduction by a payer while making payments to a resident individual for providing specified technical and … Web1 day ago · Sec 197 of the Income Tax Act provides an option to the person for make an application to the respective Assessing officer for lower deduction/ Non deduction of tax. Where the assessing officer is satisfied that the existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, then he may ... raynham ma parks and rec

Section 194C - TDS on Payment to Contractor - Sec 194C of Income Tax Act

WebFeb 3, 2024 · The payer/deductor is liable to deduct tax u/s 194J of the Income Tax Act and file a TDS Return in Form 26Q on a quarterly basis. Find the best plan. Find the best plan. Explore. GET EXPERT HELP. Find the best plan. Find the best plan. Explore. TDS Certificate. WebMay 11, 2013 · Neither service can be regarded as "technical service" for the purpose of section 194J of the Act At the time the Income-tax Act was enacted in the year 1961, as also at the time when Explanation 2 to section 9(l)(vii) was introduced by the Finance (No. 2) Act, with effect from April 1, 1977, the products of technology had not been in such wide ... WebAfter section 194-1 of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of July, 1995, namely:— '194J. Fees for professional or technical services … raynham ma registry of deeds

TDS Under Section 194J(a) & 194J(b) – TDSMAN Blog

Section 194J TDS on Fees for Professional or Technical Services - Tax…

WebApr 9, 2024 · The Bangalore bench of Income Tax Appellate Tribunal (ITAT) has recently held that, no tax should be charged on entire receipts if the income is below threshold limit. Assessee H M V Educational is a Trust registered under section 12A of the Income Tax Act, 1961. The assessee Trust has been running educational institutions since […] WebMar 5, 2024 · Section 194J of the Income Tax Act requires the deduction of tax at source on professional or technical services. This section applies to payments made to a resident … raynham ma sports bookWebApr 13, 2024 · 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 194LC. Income by way of … raynham ma real estate listings

"Web194J. Fees for professional or technical services. 194K. Income in respect of units. 194L. Payment of compensation on acquisition of capital asset. ... Income-tax (Second Amendment) Act, 1998 (11 of 1999) Finance Act, 1999 (27 of 1999) Income-tax (Amendment) Act, 1999 (28 of 1999) " - Income tax act 194j

Income tax act 194j

FAQ’s on TDS Under Section 194J - Pioneer One Consulting LLP

Web23 [Fees for professional or technical services. 24. 25 194J. (1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of— (a) fees for professional services, or(b) fees for technical services 26, 27 [or]28 [(ba) any remuneration or fees or commission by whatever name called, other than those … WebFeb 7, 2024 · 194J: Fees paid for professional services: Rs. 30,000: 10%: 10%: 194J: Amount paid for technical services: Rs. 30,000: 2%: 2%: ... on salary is compulsory under section 192 of the Income Tax act. An employer who pays wages to his/her employee must deduct TDS from the salary if the total income exceeds a certain threshold. 2. What is the TDS ...

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Web2 days ago · Facts- Assessee contested addition of Rs. 3,15,000/- treating rent received from M/s VM Rubber Industries as undisclosed income as TDS was deducted u/s 194J instead of 194I of the Income Tax Act. Notably, assessee has shown rental income of Rs. 3,15,000/- in his return of income and had claimed deduction u/s. 24 of the Income Tax Act @ 30% as ... WebFeb 2, 2024 · X is required to deduct TDS at the rate of 1% on Rs. 90,000 as per section 194C of the Income Tax Act, 1961. However, payment in respect of professional fees does not exceed Rs. 30,000 and hence no tax needs to be deducted under section 194J of the Act even though the aggregate payments made (inclusive of advertisement expenses) …

WebJun 22, 2024 · The Supreme Court of India in its recent judgement has held that no deduction under section 80IB of the Income Tax Act, 1961 is allowable on profit from Duty Entitlement Pass Book Scheme (DEPB) / duty drawback schemes. The appellant, M/s. Saraf Exports challenged the impugned judgment and order passed by the High Court of […] WebThe TDS deduction rates under Section 194J of the Income Tax Act are as below: Payment Nature. Section 194J TDS Rate. Technical services fee payment. 2%. Call centres fee …

Web1 day ago · In respect of payment for preventive health check-up: In the case of an individual: (A) where the aggregate of such payment does not. Exceed rs. 5,000. the whole of such sum; (B) where the aggregate of such payment exceed. Rs. 5,000. Rs. 5,000. Tags: income tax act 1961, Income Tax Deductions. 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 …

WebJul 6, 2024 · 1) Analysis of Section 194J of Income Tax Act, 1961 Every person other than an individual or a HUF, who is responsible for paying to a resident any sum by way of – (i) …

WebApr 13, 2024 · According to the rules and regulations of Section 194J of the Income Tax Act, 1961, a person must deduct their Tax Deducted at Source (TDS) only at the rate of 10% … simplisafe official websiteWebJan 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 … raynham ma soccer fieldsWebSection 194O of the Income Tax Act brings these digital facilities within the tax ambit. The Union Budget 2024 introduced Section 194O with effect from 1st October 2024. It … raynham martial artsWebJan 18, 2013 · Sec.194J of the Income Tax Act. Download Preview. Description: TDS Section 194J ï‚· Fees for Profession or Technical Services etc. ï‚· Paid to the REsidents … raynham massachusetts building departmentWebJun 17, 2024 · Services covered under Section 194J. The various services qualifying for TDS deduction under Section 194J are professional and technical services, remuneration paid to directors of a company (not including salary), royalty, and non-compete fees. What is 194JB? Section 194JB of the Income Tax Act includes the provision for the deduction of tax ... simplisafe officeWebSection 194J OF INCOME TAX ACT I TDS ON PROFESSIONAL FEES I 194J TDSHiI am CA Vijay Gupta, welcome you all to our YouTube Channel CA Vijay Gupta .I am into ... raynham ma public schoolsWebFeb 3, 2024 · The Deductor is liable to deduct TDS @ 10% under section 194LA of the Income Tax Act, 1961. No surcharge, education cess, or SHEC shall be added to the above rate. Hence, TDS shall be at the basic rate. ... TDS u/s 194J needs to be deducted by deductor other than an individual or a HUF, @ 10% on any amount paid or payable to any … raynham massachusetts county