Tds under section 194j for fy 2020-21
WebApr 1, 2024 · In May 2024, the government reduced TDS and TCS rates for interest income, dividend income, rent payments and other non-salary payments by 25%. This was done to increase liquidity in the hands of individuals, especially those going through financial hardships caused by the coronavirus-induced lockdown. Web1 day ago · Declaration in Form 15H can be filed if tax on the individual's estimated total income, after considering the rebate under section 87A, for the financial year in which …
Tds under section 194j for fy 2020-21
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WebFeb 2, 2024 · X is required to deduct TDS at the rate of 1% on Rs. 90,000 as per section 194C of the Income Tax Act, 1961. However, payment in respect of professional fees does not exceed Rs. 30,000 and hence no tax needs to be deducted under section 194J of the Act even though the aggregate payments made (inclusive of advertisement expenses) … WebDec 9, 2024 · Check TDS rate chart FY 2024-21 in table for resident, non residents, domestic and foreign companies as per their sections under Income tax. Search Login Investment …
WebJun 9, 2024 · Alongside, the rent crossing the amount of Rs 50,000/month TDS will be charged at the rate of 3.75% reduced from the earlier rate of 5%. In case any delay in tax deduction or short- Deduction the rate of 1% is levied on the fixed chargeable amount. 1. New TDS rate for Fy 2024-21. Transactions entered on or after May 14th 2024 will be … WebOct 17, 2024 · TDS rate under section 194J for FY 2024-21. Nature of Payment: Rate Applicable from 01/04/2024 to 13/05/2024: Rate Applicable from 14/05/2024 to 31/03/2024: Professional Fees: 10%: ... by the assessee to the other telecom service provider were not in the nature of ‘fee for technical services’ no TDS under section 194J was liable to be …
WebTDS Section 194J is seeing renewed attention after the passage of Finance Bill 2024, which includes amendments to Section 194J that took effect on April 1, 2024. Section 194J TDS of the Income Tax Act of 1961 contains rules for deducting TDS on payments for scientific and skilled services. WebAug 21, 2024 · A complete list of TDS rate along with related transactions for financial year 2024-21 (AY-2024-21) is provided in the table given below.– ... professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J.Tax shall be deducted under section 194M with effect from 1/09/2024.
WebJul 8, 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 …
WebFeb 17, 2024 · TDS Rate under section 194J of Income Tax Act TDS shall be deducted @ 2% of fees for technical services (not being a professional services), or royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of cinematographic films ; and 10% of such sum in other cases Example 1: bust 15Web1 day ago · Learned Assessing Officers took the view for the assessment year 2024-21 that the payments made to such contract teachers fall within the definition of the expression ‘fee for professional services’ under section 194J of the Act and accordingly, for non deduction of TDS on the payments made by the assessees to the contract teachers, the ... bust 29Web24 rows · Dec 29, 2024 · By amending Section 194 of the Income-tax Act, the threshold limit for deduction of tax at source (TDS) on interest income, other than the interest on … cccrow