Professional fees tds threshold
Webb11 feb. 2024 · However, TDS shall be deducted on the entire invoice value (if value of GST is not mentioned separately in the invoice) – Circular No. 23/ 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. Webb3 feb. 2024 · 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 which is in excess of INR 30,000 as: Fees for professional services Fees for technical services Any remuneration or fees or commission by whatever name called paid to a director ( other than salary) Royalty
Professional fees tds threshold
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WebbNature Of Payment Threshold (in Rs.) TDS Rate ( in %) Indv/HU F Othe rs 194 ALA Payment of compensation on acquisition ofcertain immovable property 2, 50,000 p.a 10% 10% 194M Payment of commission (not being insurancecommission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to Webb6 rader · 6 juli 2024 · Threshold limit: Rate of tax : Fees for professional services: Rs. 30,000: 10%: Fees for ...
WebbWhile payment of sitting fees, fees for attending meetings etc paid to any director (whether whole time director/managing director or any other director) 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 applies to this. Webb4 apr. 2024 · 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 / …
Webb2 juni 2024 · A tax component called TDS is set up and attached to the TDS tax group called Contractor. The threshold has been defined as 50,000 and exception threshold … Webb22 dec. 2024 · The tax rate for royalties and fees for technical services, under the domestic tax laws, is 10%. This rate is to be increased by a surcharge at 2%/5% on the income tax (based on taxable income) and health and education cess of 4% on the income tax including surcharge. Consequently, the effective tax rate is 10.608%/10.92%.
Webb26 maj 2024 · TDS will be deducted under Section 194J at rate 2% in case of fees for technical services (not being professional services) and rate reach up to 10% of such sum in any other case.
WebbWhile payment of sitting fees, fees for attending meetings etc paid to any director (whether whole time director/managing director or any other director) is considered as payment of … sustenpass profilWebbAs per Section 194J, each item or independent payment has a threshold maximum limit of INR 30,000. TDS under this section also applies for the fees or remuneration paid to the company’s director even if the payment is not part of the main salary. In such cases, the INR 30,000 limit does not apply here. Applying for TDS at a Lower Rate: sustentacular cells and interstitial cellsWebb4 apr. 2024 · The threshold limit is ₹10,000. Section 194C: Rate is 5% of earnings as insurance com Proceeds from any contracts/subcontracts: Individuals or HUF at 1%. Non-Individual/corporate at 2% and threshold limit is ₹30,000 that is for each contract, whereas ₹ 100,000 is per annum. sustentacular cells histologyWebb4 jan. 2024 · Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a … sustentacular cells in testesWebb26 apr. 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 … sustentator s.aWebbAnswer (1 of 3): An individual should deduct TDS at the rate of 10% (7.5% in current scenario) when the following payments are made to a resident, in a fiscal year is or … size of things scale videoWebb5 feb. 2024 · e) Threshold Limit for Tax Deduction No tax is to be deducted if the value or aggregate value of the benefit or perquisite paid or likely to be paid to a resident does … size of things in the universe