Income tax act 194j
WebSep 30, 2024 · Section 194J of the income tax act is applicable to every person, not being an individual or a HUF, who makes a payment in respect of the services notified is under … WebAccording to 194A of Income Tax Act, TDS is deduct ible at 10%. If a recipient does not furnish his/her PAN to a deductor, then TDS is applicable at 20%. However, there will be no …
Income tax act 194j
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WebJun 13, 2024 · What is section 194J under the Income Tax Act? Section 194J stated that any person who is paying fees to any resident person for specified services, then TDS is … Web1 day ago · 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 whether …
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 […] 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 …
WebFeb 17, 2024 · TDS under section 194J of Income Tax Act shall be deducted at the earlier of the following two occurences : – Credit of technical fees or professional fees or Royalty or … WebApr 15, 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% …
WebJan 23, 2024 · As per Union Budget 2024, the TDS rate for the payment of fees for technical services under Section 194J of Income Tax Act has been reduced to 2% from 10%. The …
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. small button on electric reclinerWebMay 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 ... someone to cook in my homeWebFeb 3, 2024 · What is Section 194J? TDS u/s 194J needs to be deducted by a deductor other than an individual or a HUF (not liable to tax audit) @ 10% on any amount paid or payable to any person which is in excess of Rs. 30,000 as: Fees for professional services Fees for technical services someone to cook healthy meals for mehttp://www.bareactslive.com/ACA/ACT607.HTM small buttonsWebSection 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 … someone to do my homeworkWebJul 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 aggregate … someone to come check your dryerWebNov 23, 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 on … someone to decorate my house