Income tax act 194j

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WebJun 17, 2024 · Services covered under Section 194J. The various services qualifying for TDS deduction under Section 194J are professional and technical services, remuneration paid to directors of a company (not including salary), royalty, and non-compete fees. What is 194JB? Section 194JB of the Income Tax Act includes the provision for the deduction of tax ... WebApr 11, 2024 · The Mumbai Income Tax Appellate Tribunal (ITAT) has recently held that roaming charges paid by Vodafone India to other telecom operators are not subject to Tax Deduction at Source (TDS) under section 194C or 194J of Income Tax Act, 1961. Assessee-Vodafone India Ltd. filed the appeal against the order of Commissioner of Income Tax …

Income Tax Amendments Applicable For A.Y. 2024-24 (F.Y. 2024 …

WebApr 15, 2024 · According to the rules and regulations of Section 194J of the Income Tax Act, 1961, a person must deduct their Tax Deducted at Source (TDS) only at the rate of 10% … WebFeb 2, 2024 · Section 194J of the Income Tax Act, 1961 states the provisions for deducting tax at source during payment of fees for professional services or technical services or royalty. 2. What are all the payments covered under this section? Fees for professional services Fees for technical services Director remuneration Royalty Non-compete fees 3. screened in swimming pool

Section 194J OF INCOME TAX ACT I TDS ON PROFESSIONAL …

WebMar 5, 2024 · Section 194J mandates that the payer should deduct TDS at the rate of 10% on payments made to professionals or technical service providers. The section applies to … WebJan 23, 2024 · Section 194J of the Income Tax Act, 1961 mentions various penalties in case an individual or entity availing services forgets to deduct TDS while making the payment or delays the TDS payments to the government. The following are some of the penalties that may be applicable: Web2 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 ... screened in tent canopy

TDS u/s 194J not deductible on payment to contract teachers

Section 194 R sub-section 2, Income Tax Act , 1961– Who is

WebMay 26, 2024 · TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of fees for technical as well as professional services. We prepared this … WebSection 194J of the Income Tax Act focuses on provisions regarding TDS deduction by a payer while making payments to a resident individual for providing specified technical and … screened infant bouncerWebApr 8, 2024 · The Mumbai Income Tax Appellate Tribunal (ITAT) has recently held that roaming charges paid by Vodafone India to other telecom operators are not subject to Tax Deduction at Source (TDS) under section 194C or 194J of Income Tax Act, 1961. Assessee-Vodafone India Ltd. filed the appeal against the order of Commissioner of Income Tax … screened in tents with floors

"WebAug 11, 2024 · Section 194J contains provisions related to deduction of TDS on professional Fee and Technical fees which requires deduction of TDS @ 10%. However, the Finance Act, 2024 reduced the rate of TDS from 10% to 2% for few payments under section 194J. 1. Applicability of Provisions of Section 194J " - Income tax act 194j

Income tax act 194j

Section 194J TDS on Fees for Professional or Technical Services - Tax…

WebSection 194J OF INCOME TAX ACT I TDS ON PROFESSIONAL FEES I 194J TDSHiI am CA Vijay Gupta, welcome you all to our YouTube Channel CA Vijay Gupta .I am into ... WebNov 23, 2024 · The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, 194J (a) and 194J (b), effective from August 7 2024. u/s 194J (a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J (b) of the Income Tax Act is related to TDS deduction on …

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WebFeb 3, 2024 · The Deductor is liable to deduct TDS @ 10% under section 194LA of the Income Tax Act, 1961. No surcharge, education cess, or SHEC shall be added to the above rate. Hence, TDS shall be at the basic rate. ... 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 … Web[As amended by Finance Act, 2024] Tax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193) For quick and efficient collection of taxes, the Income-tax Law has incorporated a system

WebAccording to 194A of Income Tax Act, TDS is deduct ible at 10%. If a recipient does not furnish his/her PAN to a deductor, then TDS is applicable at 20%. However, there will be no … WebJun 25, 2024 · Section 194J of the Income Tax Act of 1961, in particular, lays out the criteria for tax deducted at source (TDS) on a variety of technical and professional services …

WebSection - 194J. Fees for professional or technical services. 6 Record (s) Page [1 of 1] in 0.046 seconds. TAX INFORMATION AND SERVICES. TAX LAWS & RULES. INTERNATIONAL TAXATION. Web25194J. (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 services26, 27[or]

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WebThe amended provision of section 194-I is effective for financial year 2024-23 relevant to the assessment year 2024-24. In this article, you will learn detail of the provisions of section … screened in tents for sale craigslistWebWhat is Section 194J of the Income Tax Act? According to Section 194J of Income Tax Act, a person employed in professional or technical services is liable to pay income tax at the prescribed rate of 10% directly from their income sources. screened inner cover for beehivesWebMar 5, 2024 · Section 194J of the Income Tax Act requires the deduction of tax at source on professional or technical services. This section applies to payments made to a resident individual, Hindu Undivided Family (HUF), partnership firm, Limited Liability Partnership (LLP), or private limited company. In this blog post, we will discuss Section 194J in detail. screened instant canopyWebApr 9, 2024 · The Bangalore bench of Income Tax Appellate Tribunal (ITAT) has recently held that, no tax should be charged on entire receipts if the income is below threshold limit. Assessee H M V Educational is a Trust registered under section 12A of the Income Tax Act, 1961. The assessee Trust has been running educational institutions since […] screened intake flareWebOct 2, 2024 · As per the utility of e-TDS provided, section code 194JA is assigned to denote deduction of tax under section 194J @ 2% whereas section code 194JB is assigned to … screened in yardWebSep 30, 2024 · Section 194J of the income tax act is applicable to every person, not being an individual or a HUF, who makes a payment in respect of the services notified is under … screened in swimming pool enclosuresWebJun 13, 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 … screened interaction