Income tax act 194j

Author: khlf

August undefined, 2024

WebApr 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 … 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 ...

Section 194J of the Income Tax Act Taxscan Simplifying Tax …

WebFeb 19, 2024 · Subtitle 1. Department and Boards for the Review, Assessment and Collection of Taxes. Subtitle 2. Taxation of Real and Personal Property in General. Subtitle 2A. … WebSection 194O of the Income Tax Act brings these digital facilities within the tax ambit. The Union Budget 2024 introduced Section 194O with effect from 1st October 2024. It … great tickets now

Section 194O of Income Tax Act: Purpose, Eligibility & Calculation

WebFeb 17, 2024 · TDS under section 194J of Income Tax Act shall be deducted by an individual or HUF, if the total sales, gross receipts or turnover from the business or profession … WebMar 8, 2024 · The Income Tax Act, 1961 has specified different sections for TDS deductions on payments. These sections highlight the TDS deductible from different types of … WebDec 1, 2024 · The rate at which the TDS is deducted. There is a fixed rate for Deducting tax under section 194J of the Income Tax Act. 10% is the rate of TDS based on which the TDS is deducted for Professional, Technical, Non-compete, and Royalty fees in a fiscal year. However, remember the amount from which the tax is deducted should be above 30,000 … florida a\u0026m university human resources

No Penalty u/s 271(1)(c) When Income Tax is Payable based on …

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

WebAug 3, 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 … WebThe TDS deduction rates under Section 194J of the Income Tax Act are as below: Payment Nature. Section 194J TDS Rate. Technical services fee payment. 2%. Call centres fee … florida a\u0026m university homeWebJul 6, 2024 · 1) Analysis of Section 194J of Income Tax Act, 1961 Every person other than an individual or a HUF, who is responsible for paying to a resident any sum by way of – (i) … great tiefling names

"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 ... " - Income tax act 194j

Income tax act 194j

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

WebApr 13, 2024 · 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 194LC. Income by way of … WebApr 13, 2024 · 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 30% for residents, 40% for non-. residents, 25% for individuals & HUF. 194LC. Income by way of interest by an Indian specified company to a non- resident/foreign company on foreign currency approved loan/long-term. infrastructure bond ‘from outside India.

Did you know?

Web1 day ago · In respect of payment for preventive health check-up: In the case of an individual: (A) where the aggregate of such payment does not. Exceed rs. 5,000. the whole of such sum; (B) where the aggregate of such payment exceed. Rs. 5,000. Rs. 5,000. Tags: income tax act 1961, Income Tax Deductions. Web23 [Fees for professional or technical services. 24. 25 194J. (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 services 26, 27 [or]28 [(ba) any remuneration or fees or commission by whatever name called, other than those …

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 WebAug 6, 2024 · TDS Section 194J is a provision in the Income Tax Act 1961 that deals with the deduction of TDS on fees for technical and professional services. The section is getting attention again after the Finance Bill 2024, which has made some revisions to it. The revised version of the section will come into effect from 1/04/2024.

WebJan 23, 2024 · As per Union Budget 2024, the TDS rate for the payment of fees for technical services under Section 194J of Income Tax Act has been reduced to 2% from 10%. The … 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 ...

WebJan 22, 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 …

WebMar 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 … great tides restaurant menu southendWebNov 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 … great tidings of great joyWebMar 13, 2024 · Then we discuss who is Liable to Deduct TDS Under Section 194J. Then we discuss the Rate of TDS Deduction Under Section 194J. And then the time factor. TDS stands for ‘Tax Deducted at Source’ and is covered under section 194J of the Income Tax Act of 1961. It essentially refers to a deduction required when a person is paying fees to a ... great tiger punch out wikiWebSep 30, 2024 · The following rate applies to the services listed under section 194J of the Income Tax Act: Particulars. Rate of Tax Deducted At Source. The payee is engaged in the … great tibet tourWebAfter section 194-1 of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of July, 1995, namely:— '194J. Fees for professional or technical services … florida a\u0026m university hbcu nursing programsWebJun 22, 2024 · The Supreme Court of India in its recent judgement has held that no deduction under section 80IB of the Income Tax Act, 1961 is allowable on profit from Duty Entitlement Pass Book Scheme (DEPB) / duty drawback schemes. The appellant, M/s. Saraf Exports challenged the impugned judgment and order passed by the High Court of […] great tigers.comWebApr 4, 2024 · The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or … florida a\u0026m university law day