Tds limit on 94j
WebJun 26, 2024 · Since the limit did not exceed for the first time, No TDS should be deducted on Rs. 10,000. However, the threshold limit of Rs 30,000 (for professional services) is crossed while making payment for the second time. WebApr 28, 2024 · As the assessee had not deducted any TDS, the AO made disallowance of Rs. 2.46 Crore under section 40 (a) (ia) of the Act for non-deduction of TDS. The CIT (A) relied on the decision of the Bombay High Court rendered in the case of CIT vs. Intervet India Pvt. Ltd. (ITA No.1616 of 2011) and decided the issue in favour of the assessee.
Tds limit on 94j
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WebFor example, ABC Pvt Ltd have to make payment of Rs 1,00,000 to Mr. XYZ for professional fee. TDS rate specified on professional fee is 10%. Net payment to Mr. XYZ = Gross Amount – TDS Deducted = Rs 1,00,000 – Rs 10,000 = Rs 90,000. TDS is also deductible on salary. WebAnswer (1 of 8): Under 194c TDS will be decuted at 1% if payment is made to individual/HUF and 2% if payment is made to any person other than individual/HUF. Under 194j TDS will be deducted at 10% in all cases. Under 194j if payment made in a financial year to same person is less than 30,000 rs t...
WebMay 10, 2024 · TDS Under Section 194J (a) & 194J (b) The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, … WebThe Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.
WebMar 23, 2024 · TDS Challan correction offline – Physical challan. ... Time limit for correction through bank; 1: PAN/TAN: Concerned assessing officer in case of online challans. Collecting bank* / assessing officer in case of physical challan: Within 7 days from challan deposit date: 2: Assessment Year: WebApr 7, 2024 · TDS Rate Chart for FY 2024-23: New rates of Tax Deducted at source (TDS) under Income Tax and many new TDS section are announced. TDs rate of ... Threshold limit TDS Rate % 192: Salary Income: Rs 2,50,000: Slab rates: 192 A: EPF – Premature withdrawal : Rs 50,000: 10%: 193: Interest on Govt Securities: Rs. 10,000: 10%: 194: …
WebMay 1, 2024 · Considering all these changes, let us now look into the applicable latest TDS Rates Chart for FY 2024-23 (AY 2024-24). Section. For Payment of. Threshold limit. TDS Rate %. 192. Salary Income. Income Tax Slab. Slab rates.
WebJan 22, 2024 · Payments that are being covered u/s 194J (b) – Professional services – Royalty etc… Tax Deduction Rate – Tax deduction rate for u/s 194J (a) is 2% and for … scanner epson xp 520 wifiWebAug 4, 2024 · 04 August 2024 Dear All, We have received a notice for short deduction of 94J Technical Fees for 10% and 7.5%, whereas w.e.f. from 01-04-2024 94J Technical … scanner error epson wf-4734WebOct 2, 2024 · The amendment has reduced the rate of TDS for payments made towards ‘fees for technical services’ to 2%. These two sections 194JA and 194JB are just the display parts (segregated section codes) of section 194J of the Act for the purpose of filing e-TDS returns to distinguish deduction of tax (TDS) under section 194J either at 2% or 10%. scanner error on samsung scx5935fnWebJan 28, 2009 · TDS Rates 2008-09. The TDS amount is subject to 3% Education Cess. There is a surcharge if the recipient is: * An artificial juridical person, a firm/domestic company and the aggregate payment or credit subject to tax deduction exceeds Rs. 1 crore. Example: If the TDS rate is 20% then the TDS rate with edu cess is 20.6%. scanner error not enough memory -4500WebMay 6, 2024 · Threshold Exemption Limit – 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 / paid during the financial year doesn’t exceed – 1. INR 30,000 in case of fees for professional services. 2. INR 30,000 in case of fees for technical ... scanner epson workforce wf 2865WebApr 13, 2024 · Rate Of TDS As Per Section 194C. As per the provisions of Section 194C of the Income Tax Act, the rate of TDS that is applicable depends on certain conditions mentioned below:. If the payee or contractor possesses PAN: TDS of 1% of the amount will be deducted from any payments or credits made to resident individuals or Hindu … scanner error not enough memory -4500 canonWeba) With effect from 01.06.2015, time deposit shall also include recurring deposit. Therefore, tax shall be deduction from payment of interest on recurring deposit if it exceeds the threshold limit of Rs. 40,000/50,000. b) The threshold limit of Rs. 40,000/50,000 shall be computed with reference to the income credited or paid by a banking ... scanner error r markdown