Professional fees tds code

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August undefined, 2024

Webb29 jan. 2024 · 1. Fees for technical services (not being in the nature of professional services). 2. Royalty where such royalty is in the nature of consideration for sale, …

TDS Rate on HSN Code 998399 [Resolved] Income Tax

Webb29 mars 2024 · For example, as per the provisions of Section 194J, no TDS required to be deducted if payment of professional fees do not exceed Rs, 30,000/-. So, here the threshold limit is Rs. 30,000 and TDS needs to be deducted only if it exceeds 30,000. What are the different TDS threshold limits under the Income Tax Act? Webb2 feb. 2024 · Since the professional fees are paid to a resident, the partnership firm has to deduct TDS under Section 194J from the fees of Rs. 91,000. TDS on professional fees is … data center advisors

TDS on Professional Charges in Tally ERP9 - waytosimple

Webb1. Go to Gateway of tally prime > masters > create > Ledger > TDS Nature of Payment > Create . 2. Enter the name of the sub-section as Leaf co. You can give your own name but ensure that the section code and payment code are selected correctly. 3.Select Section as 194B and Payment code as 94B . 4. Press Ctrl+A to accept. 5. WebbSection 194J contains a provision related to the deduction of tax at source (‘TDS’) from income by way of fees for professional or technical services. Types of payment covered … WebbType of Payment Code * ... TDS/TCS Payable by Taxpayer (200) FOR USE IN RECEIVING BANK TDS/TCS Regular Assessment (Raised by I.T. Deptt.) ... 194J Fees for Professional J or Technical Services 9 4 194K Income payable to a resident assessee in respect of Units of a specified K data cats

SAC Code & GST Rate for Accounting and Professional Services

TDS on Professional Fees Section 194J of Income Tax Act

Webb26 maj 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 … WebbSection 194M of the Income Tax Act, 1961 states that for all the transactions with effect from September 1, 2024, Tax @ 5% or 3.75% should be deducted (depending upon the Date of Payment/Credit to the Deductee) by the Payer/Deductor at the time of making ‘Payments to Resident Contractors and Professional’ Tax so deducted should be deposited ... datacenter a haute disponobiliteWebb6 aug. 2024 · (1) Any company making a payment or allowing an amount to a distributor, called by whatever name, or to any other person by way of commission, discount, fees, incentive or performance bonus or any other performance related incentive or any other payment or benefit of the similar nature for distribution or marketing of goods, shall … data center administrator duties

"WebbIf you are a salaried employee at the coaching centre then they might have deducted your TDS under section 192 and there is no section as 192B in income tax. What is the rate at which they have deducted your TDS. If you are a freelancer teacher and if that's your main business you can claim fueld and other expense against your tuition fees. " - Professional fees tds code

Professional fees tds code

TDS on Professional Charges in Tally ERP9 - waytosimple

WebbLarsen & Toubro. Mar 2012 - Present10 years 11 months. Mumbai, Maharashtra, India. Key Result Areas: • Finalizing books of Consortium of L&T -Scomi on a quarterly basis & preparing financial statement in HFM (Oracle) • Coordinating with statutory auditors for getting an audit of the Consortium & resolve their queries. Webb17 mars 2024 · TDS on Salaries: If you are an employer and you pay your employees a salary of Rs. 50,000 per month, you are required to deduct TDS at the applicable rate before making the payment to the employee. Types of TDS. TDS on Salaries; TDS on Interest; TDS on Rent; TDS on Commission/Brokerage; TDS on Professional Fees; TDS on Royalty or …

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Webb3 feb. 2024 · EXAMPLE 1: Firm ABC paid INR 20,000 as fees for professional fees and INR 20,000 as fees for technical services to Mr. Akash. Here firm ABC is not liable to deduct … WebbSection 194J: Fees for professional or technical services: i) sum paid or payable towards fees for technical services ii) sum paid or payable towards royalty in the nature of …

Webb13 apr. 2024 · An individual should deduct TDS at the rate of 10% when the following payments are made to a resident, in a fiscal year (higher than Rs.30,000): Amount … Webb24 aug. 2024 · 24 August 2024 What is TDS rate on HSN Code 998399 (Other Professional and Technical Services) 24 August 2024 2% TDS applicable under section 194JA. 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% when …

Webb4 apr. 2024 · Ans: As per provisions of section 194J of the Income Tax Act, 1961 requires every person to deduct TDS @ 10% or 2% depending on case to case basis on the … Webb17 mars 2024 · TDS for contractors under section 194C has a threshold limit of Rs. 1,00,000 in aggregate in a financial year and Rs. 30,000 for a single transaction. Therefore, let’s assume that two organisations enter into two contracts, each of Rs. 30,000. Since neither contract is for more than the threshold limit, TDS is not required to be deducted.

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Webb2 okt. 2024 · In NSDL RPU 3.5, one needs to select the following section codes for section 194J: Rate of TDS: Remarks: 4JA: 2%: 194J(a)- Fees for Technical Services (not being … datacenter ainWebbTDS 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 +91-9893121713 . Toggle ... Contract, commission, brokerage or professional fee (other than 194C, 194H or 194J) 50 Lakh: 5%: 194N: Cash withdrawal from bank and ITR filed: Rs 1cr: 2%: 194N: Cash ... marriott parent companyWebb6 aug. 2024 · Example: Firm XYZ paid ₹ 25,000/- as fees for technical services and ₹ 20,000/- as professional charges to Mr. Red. Here firm XYZ is not liable to deduct TDS from payments made to Mr. Red as ₹ 30,000/- limit is separate for each item, namely fees for technical services and professional charges. marriott palo alto menlo parkWebbTo TDS on Professional Charges 5,000 To Praneeth & Co 54,000 TDS Nature of Payment Creation Path: Gateway of Tally -> Accounts info -> Statutory info -> TDS Nature of Payment -> Create Name: TDS on Professional charges Section: Enter section 194j Payment code: 94j Rate: 10% Threshold/exemption limit: 30,000 Press enter to save the screen datacenter albiWebb2 apr. 2024 · Service HSN code for the professional is as under: 1) Accounting and Book keeping services =998222 2) Bank Concurrent Audit =998221 3) Bank Statutory Audit =998221 4) CFO Services =998311 5) Corporate tax consulting and preparation services =998231 6) ERP Consulting =998313 7) ERP Implementation =998314 8) eSign Audit, … marriott panama multiplaza mallWebbTDS is required to be deducted @1% on the whole amount as the total payment in the year exceeds Rs 75,000. Example 2 – In the above example if the contractor A is a Partnership Firm in place of individual. TDS is required to be deducted @ 3% as the sum exceeds the threshold limit of Rs 30,000 in single payment. marriott palo alto los altosWebb25 juni 2024 · Changes made to Section 194J under Income Tax Act: As part of the Finance Bill 2024, Section 194J of the TDS was changed. These are some of them: Fees for … data center advantages