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Legal and professional fees tds

Nettet16. mai 2024 · There are 2 specific aspects, which lead to this complication: 1. The way Fees for Technical Services has been defined in the Income tax act is quite generic, … Nettet27. mai 2024 · Currently, expenses incurred on secretarial and tax filing fees are given a tax deduction of up to RM5,000 and RM10,000 respectively for each year of assessment (YA), under the Income Tax (Deduction for Expenses in relation to Secretarial Fee and Tax Filing Fee) Rules 2014 [P.U. (A) 336]. In Budget 2024, to provide additional flexibility to ...

Section 194J Of Income Tax Act: TDS On Professional Or Technical Fees

Nettet4. jan. 2024 · Check out the latest TDS Rate chart for FY 2024-21 (AY 2024-22). Find out the Indian TDS rate and rates of TDS (Tax Deducted at Source) ... Professional Fees. 30000. 10-7.5-194J. Technical Fees (w.e.f. 01.04. ... and Availability at all times for serving the needs of the clients and organization while meeting all legal and ... NettetTDS on Transportation Charges (Freight): Learn All About Section 194C Regular post-retirement income Additional tax benefit on investments up to ₹50,000 u/s 80CCD (1B) - EEE Category Regulated by PFRDA (Pension fund regulator under Ministry of Finance, Govt. of India) Invest Now dynamics layers https://sluta.net

TAX DEDUCTION AT SOURCE GUIDE - MRA

Nettet1. jun. 2024 · The goods and service tax is leviable on legal services as well as accounting services. The GST rate applicable is 18%. In the Pre-GST period, the statutory tax rate for most of the goods was 26.5%. After the implementation of GST, the indirect taxation system has witnessed many changes. Nettet3. feb. 2024 · TDS u/s 194J needs to be deducted by deductor other than an individual or a HUF, @ 10% on any amount paid or payable to any which is in excess of INR 30,000 as: Fees for professional services. Fees for technical services. Any remuneration or fees or commission by whatever name called paid to a director ( other than salary) Royalty. Nettet17. feb. 2024 · Multiple Choice Questions on TDS on Fees for Professional or Technical Services – Section 194J of Income Tax Act MCQ 1 – TDS on Professional Fees Shyam … dynamics lcs api

Section 194J TDS on Fees for Professional or Technical Services

Category:TDS Rate Chart for FY 2024-2024 (AY 2024-2024) - TaxGuru

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Legal and professional fees tds

Tds on Legal and Professional Fees Fy 2024-22 - ITS Consultores

Nettet11. feb. 2024 · Solution: The legal services availed will be considered as professional services. The amount is above Rs. 30,000, i.e., the threshold limit. Therefore, the rate … NettetTDS Property Consulting has been providing service in Property Management since 2015. Our people are professionals and a deep …

Legal and professional fees tds

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NettetFor example, ABC Pvt Ltd have to make payment of Rs 1,00,000 to Mr. XYZ for professional fee. TDS rate specified on professional fee is 10%. TDS required to be deducted = 10% on Rs 1,00,000 = Rs 10,000. Net payment to Mr. XYZ = Gross Amount – TDS Deducted = Rs 1,00,000 – Rs 10,000 = Rs 90,000. NettetPlease refer the judgment of the Hon’ble Rajasthan High Court, in the case of Commissioner of Income Tax (TDS), Jaipur Vs.M/s. Rajasthan Urban Infrastructure [2013 (8) TMI 12 – RAJASTHAN HIGH COURT] on following issue:. Issue: Whether TDS is to be deducted on the amount of Service Tax charged on professional/ technical fees under …

Nettet19. sep. 2024 · The IRS allows businesses to deduct legal and professional fees for "ordinary and necessary" expenses. Businesses may deduct up to $5,000 in startup costs for total startup expenses of up to $50,000. Deductions are limited and need to be amortized for higher total expenses. The forms you need to report for such expenses … Nettet18. okt. 2024 · Professional fees refer to the fees charged by a person considered to be a “professional” such as a lawyer, accountant, doctor, engineer, financial planner, appraiser, management consultant, or other. For a person to charge professional fees, he or she must be recognized as a professional in a particular field of service.

Nettet1. des. 2024 · 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 INR. NettetUnder the system of Tax Deduction at Source (TDS), the payer is required to deduct tax at the time the payment is received by or credited to the account of the payee. This is …

Nettet8. mar. 2024 · Section 194J. Section 194J states that if a payment is made to a professional and the payment is a fee for the services that they have rendered, the payee should deduct a TDS from the fee before paying it. So, suppose you pay a fee to a lawyer, architect, CA, doctor, or any other professional for their service, then you are liable to …

Nettet19. aug. 2016 · Consultant-Visiting Doctors TDS. Salary u/s 192 or professional fee u/s 194J. Remuneration of consultant doctors was salary liable to TDS u/s 192 while that of visiting doctors as professinal fee liable to TDS u/s 194J – ITAT. The assessee company was engaged in the business of health-care. The TDS officer conducted survey … cry together lyrics o\u0027jaysNettet5. jun. 2024 · In nutshell, after the amendment, the TDS rate on fees for “professional services” is 10% and in respect of “fees for technical services” (not being a professional service) has been reduced to 2%. Now the moot question is that in which situation this concessional rate will be applicable. cry together ojsNettet26. mai 2024 · TDS on payment of professional fees is required to be deducted on an amount exceeding Rs 30,000. Your payment of the amount of Rs 30,000 exceeds in … cry to dieNettet2. des. 2024 · TDS shall be deducted in accordance with Section 194J if the payment for professional or technical services covered by this section is more than Rs 30. 000 per year. cry together memeNettet1. des. 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 … dynamics lcs sharepoint integrationNettetWhile payment of sitting fees, fees for attending meetings etc paid to any director (whether whole time director/managing director or any other director) is considered as payment … dynamics lcs loginNettet14. des. 2024 · Fees for professional services: Rs. 30,000: 10%: Fees for technical services and payment to call centers: Rs. 30,000: 2% (for FTS- 10% upto FY 19-20) … cry together o\\u0027jays lyrics