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Professional fees tds code

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 ... Webb11 aug. 2024 · Section 194J contains provisions related to deduction of TDS on professional Fee and Technical fees which requires deduction of TDS @ 10%. However, …

TDS on fee for Professional and Technical Services - TaxGuru

Webb22 jan. 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 … Webb6 aug. 2024 · By Section 194J, TDS shall be withheld at a rate of 2% for fees for technical services (which are not professional services) and up to 10% of such costs in all other circumstances. What is 194J in income tax? Professional fees or fees for technical services are frequent types of payments that a corporate entity makes. bram stoker\u0027s dracula movies123 https://mauiartel.com

Accounting entries when TDS is deducted - enskyar

Webb17 feb. 2024 · Rate of TDS deduction Payments such as salaries, commission, professional fees, interest earned, rent etc. are subject to TDS deduction. Based on the type of income and amount of income earned, TDS is paid at various rates. http://www.jasimrasel.com/tds-rates-chart-fy-2024-22/ 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 … bram stoker\u0027s dracula movie trailer

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Category:TDS Rates Chart FY 2024-22 in Bangladesh with Section References

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Professional fees tds code

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WebbWhat I learnt & did in past one year at Masood as Admin Site Head: *Won Best MTM Admin Award 2024. *Firstever to adopt the concept of Design Thinking. *Developed firstever Admin Management System. *Saved millions through Zero Bilty Cost initiative. *Transport Routes Mileage Actualization initiative to save millions. Webb6 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 …

Professional fees tds code

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Webb2 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, … 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 u/s 194J. The types of payments considered under section 194J are as follows: Fees for Professional Services; Technical services fees; Payment to the call-center operator

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Webb25 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 … 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 …

Webb11 feb. 2024 · The threshold limit for deduction of TDS on Consultancy Charges is as follows; For Professional Services – 30,000 For Technical Services – 30,000 For Royalties – 30,000 For services under Section – 30,000

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 … svetlana mission dateWebb13 mars 2024 · Section 194J of the TDS has been amended as part of the Finance Bill 2024. These include: In the case of fees for technical services (which are not considered … svetlana on castleWebbTo 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 bram stoker\u0027s dracula movie wikiWebbTDS on professional fees or fees for technical services falls under Section 194J and is charged at a rate of 10% when payments are made to residents. Examples of careers where TDS is deducted at the source includes professions such as law, architecture, interior design, medicine, advertising, etc. Tax payments made by individuals working in these … bram stoker\u0027s dracula nesWebb17 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. bram stoker\u0027s dracula narratorWebb6 juli 2024 · Section 194J TDS on Professional or Technical Fees (1) A person carrying on the profession of an authorised representative or film artist. [Notification No. SO 17 (E)... bram stoker\u0027s dracula novel summaryWebb8 okt. 2024 · Rate of TDS on professional fees according to section 194J: – • According to section 194J, any person, on availing services from professional or technical experts or on paying royalty or Non-compete fee, must deduct TDS at the rate of 10% from the payable fee, at the time of making payment to them. svetlana putintseva