WebMar 6, 2024 · The Finance Bill, 2024, has inserted Section 194Q, with effect from 01-07-2024, to provide for the deduction of tax on certain purchases. The TDS has to be deducted if the value or aggregate purchase value exceeds Rs. 50 lakhs during the previous year. How this limit of Rs. 50 Lakh for deducting TDS shall be reckoned for the financial year 2024-22? WebJul 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 …
Section 194J – Fees for professional or technical …
WebApr 6, 2024 · TDS Rate AY 2024-23 (FY 2024-22): Other than Salary and Wage Payments. ... Threshold Limit TDS Rate % 192A: ... professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under … WebTDS CHART FOR FY 2024-23 (AY 2024-24) aD Normal FY 2024-21 (AY [No Return filed for] 193 194A 1948 sac 1940 19404 1946 1941 19414 19418 1941c 19488 _ income by way of winnings from horse races Payment of accumulated balance of provident fund which is lraxable in the hands of an employee Section Threshold timit Case & 2024-22) & having ... division of the land among the twelve tribes
Section 194J Under TDS for Technical/Professional Services Fees
Webfinancial year 2024-22, turnover or gross receipts of Mr. Rajat exceeds this limit, then he will be liable to deduct tax on interest of Rs. 84,000 to be paid by him in the financial year 2024-23. In this case, the turnover of Mr. Rajat for the financial year 2024-22 is Rs. 1,84,00,000 which is above Rs. 1,00,00,000. The type of payments to residents covered under this section are as follows: 1. Professional fees 2. Fees for technical services 3. Remuneration paid to directors excluding salary (For … See more Every person making a payment in the nature of fees for professional or technical services is liable to deduct tax at source. However, below persons are not liable to deduct TDS on such … See more The tax should be deducted at the time of- 1. Passing such entry in the accounts or 2. Making the actual payment of the expense, whichever earlier. See more WebMay 3, 2024 · Section 194I of the income tax covers TDS on rent. It imposes an obligation for TDS deduction on persons (other than individual/HUF) making rental payments to resident Indians above a specified limit, i.e., … craftsman fireplace ideas