Web5 Jun 2024 · Income Tax Act recognizes this fact as the rate of presumptive income for business under section 44AD (6%/8% of turnover) is much less than for the profession under section 44ADA (50% of turnover). It will be interesting to note that though specific professions have been specified in section 194J the word “profession” is nowhere … Web2 Oct 2024 · Section 194J of the Act originally provided for deduction of income tax from the payments made towards fees for professional or technical services at the rate of 10%. A new category was added wherein TDS @ 2% was provided by Finance Act 2024. The amendment has reduced the rate of TDS for payments made towards ‘fees for technical …

TDS on professional Fee, Technical Fee & Royalty Section 194J …

Web31 Aug 2024 · The TDS amount that gets deducted from a taxpayer’s funds is calculated according to the assigned rates of the income group that particular year. Currently, people with a yearly income above Rs.2,50,000 are liable for tax deductions under Section 194J. Therefore, the TDS limit for exemption of TDS is under Rs.2,50,000. Web30 Mar 2024 · Section 192 deals with the TDS on salary income. It mandates every employer to deduct TDS on salary payment, in case the salary of the employee exceeds the basic exemption limit. This section impacts most of the salaried people in India. In this guide, we will explain all the important provisions of TDS under section 192. emma bunton baby spice shoes

Section 194J Under TDS - Professional or Technical Services Fees …

Web(1) Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by … WebThe allowability of subtraction of Community Social Responsibility or CSR as dictated Under Section 135 of the Companies Act, 2013 under and Income Tax Act, 1961 requires in-depth appreciation due on express disallowance lower the Income Tax Act, 1961 and the circular no. 01/2015 dated 21.01.2015 released by CBDT int that matter. The scoping starting … WebSection 193 of Income Tax. Section 193 of the Income Tax Act mandates the withholding of tax at source on the interest earned from securities. In this article, we provide a brief description of Section 193 of the Income Tax Act. Tax Deduction. Taxes under this provision are deducted in the event of a payment or credit to the account of a ... emma bunton drury lane