2024 Legal and professional fees tds

Legal and professional fees tds

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August undefined, 2024

Nettet2. des. 2024 · However, the transaction amount exceeds the threshold of Rs 30,000 (for professional services) while the payment is made for the second time. Therefore, TDS … 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 …

How to calculate TDS on professional fees with service tax

Nettet1. jun. 2024 · Yes, you got it right. 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, … 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 … cheats destiny 2 xbox one

Section 194J TDS on Fees for Professional or Technical Services

Nettet5. 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. http://divenetphil.com/legal-and-professional-fees-tds/ Nettet11. aug. 2024 · Provisions related to TDS are given under Chapter XVII-B of the act. Section 194J contains provisions related to deduction of TDS on professional Fee and … cheats de vampiro the sims 4

Difference between Professional & Technical Services

Nettet2. 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. 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. cheat sdf arkNettet29. jul. 2024 · Section 194J – TDS – Professional, Technical Fees- Any person who is paying fees to any resident person for specified services, then TDS is required to be deducted u/s 194J @ 10% if such payment … cheats diablo 2 resurrected remastered

"NettetWhile 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 … " - Legal and professional fees tds

Legal and professional fees tds

How to calculate TDS on professional fees with service tax

NettetTDS Property Consulting has been providing service in Property Management since 2015. Our people are professionals and a deep … NettetTherefore, TDS is deducted with a total of Rs. 60,000 at the rate of 10%. Section 194J governs TDS provisions for certain services. Any person who pays a resident a fee for …

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Nettet18. okt. 2024 · What are legal and professional fees? Essentially, professional fees represent a certain amount of money that an individual (a professional) can charge for …

Nettet22. feb. 2024 · Under Section 194J, the TDS rate for fees paid for technical services is 2% of the payment, while the TDS rate for fees paid for professional services is 10% of the payment. This difference in TDS rates reflects the difference in … Nettetdeduction of tax at source (TDS). However, a company, société or succession which awards contracts for construction works is required to apply for TDS even if its turnover …

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 … 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, …

NettetAnswer (1 of 3): An individual should deduct TDS at the rate of 10% (7.5% in current scenario) when the following payments are made to a resident, in a fiscal year is or …

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 ... cheats de the witcher 3Nettet3. 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 … cheats deviceNettet27. 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 ... cheats de relacionamento the sims 4Nettet18. 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. cheats diablo 3 pcNettet8. 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 … cheats dino crisis 2Nettet5. feb. 2024 · TDS Rate Chart for FY 2024-2024 (AY 2024-2024) including Budget 2024 Amendments Note 1: Basic Slab Rates for AY 2024-2024 b. Surcharge: Surcharge is levied on the amount of income-tax at following rates if total income of an assessee exceeds specified limits:- cheats diceNettetPlease 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 … cheat sdf