WebJun 25, 2024 · TDS is a part of advance tax deduction, therefore tax under section 194J of Income Tax Act is deducted at the applicable rate before payment for any professional or technical service is completed. In this article information such as TDS on professional fees, TDS on technical services, Due Date for TDS Deposit and Penalty for not deducting TDS ... WebJul 8, 2024 · Tax Deduction Rate. – Tax deduction rate for u/s 194J (a) is 2% and for 194J (b) is 10%. – In case of payee fails to furnish PAN, he will be liable to pay TDS at the rate of 20%. Threshold Exemption Limit. In case of payment does not exceed the directed Threshold exemption limits, TDS will not be deductible.
Section 194J Under TDS - Professional or Technical Services …
WebJun 21, 2024 · In such a case 20% TDS will be charged as a higher rate. In this case TDS calculation will be as following: Component Value; TDS Base Amount: 50000: TDS Amount: 10000 (50000*20%) On posting invoice, GL Entries, will be as following: ... TDS percent for 194J: 5000 (50,000x10%) On posting invoice, GL Entries will be as following: Particulars ... WebJan 22, 2024 · Tax Deduction Rate – Tax deduction rate for u/s 194J(a) is 2% and for 194J(b) is 10% – In case of payee fails to furnish PAN, he will be liable to pay TDS at the … ozone day speech in english
Section 194A TDS - Interest paid on loan - Rates of TDS - teachoo
WebApr 9, 2024 · 194J (b) Fee for professional service or royalty etc. 30000: 10: 10: 194K: Payment of dividend by mutual Funds: 5000: 10: 10: ... Note : TDS Rates without PAN 20% flat (if TDS rate is lower than 20%) Note: The above list covers most of the sections applicable for domestic transactions updated on 07.4.2024. TCS RATE CHART FY: 2024 … WebDec 29, 2024 · In Budget 2024, Section 194J was amended, whereby TDS Rate on Technical services to be reduced to 2% from current 10%. While Introduction of section 194O was made where by TDS to be deducted by E-Commerce operator for sale of goods or provision of service facilitated by it through its digital or electronic facility or platform. WebApr 13, 2024 · Under Section 194J, Rs.30,000 is the maximum limit which is applicable to each item or payment independently. TDS under this section is also applicable on … jellybean sub count