Income tax act 194j
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 ... 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 …
Income tax act 194j
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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 … 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.
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 […]
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 ... 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 …
WebAug 3, 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 …
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 … ipaf training brighousehttp://www.bareactslive.com/ACA/ACT607.HTM ipaf training centre log inWebThe 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 … open sharepoint link in file explorerWebJan 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 TDS rate for the payment other professional services except that for technical services remains same at 10%. This change in TDS rate will come in effect from 1st April, 2024. open sharepoint pdf in bluebeamWebFeb 17, 2024 · TDS under section 194J of Income Tax Act shall be deducted by an individual or HUF, if the total sales, gross receipts or turnover from the business or profession … ipaf training carlowWeb2 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 ... ipaf training categoriesWebJun 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 … open sharepoint site in sharepoint designer