Tds on legal fees limit

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WebApr 4, 2024 · The threshold limit is ₹10,000. Section 194C: Rate is 5% of earnings as insurance com Proceeds from any contracts/subcontracts: Individuals or HUF at 1%. Non-Individual/corporate at 2% and threshold limit is ₹30,000 that is for each contract, whereas ₹ 100,000 is per annum. WebDec 14, 2024 · Threshold limit Rate of tax; Fees for professional services: Rs. 30,000: 10%: Fees for technical services and payment to call centers: Rs. 30,000: 2% (for FTS- …

Comprehensive Guide for TDS Deduction on Rent under Section …

WebLong Distance. Have a Question? Contact Us! Chat with us, fill out a contact form, or call us at 1-866-571-6662 . WebApr 21, 2024 · Concept of Tax Deduction at Source. TDS is an abbreviation for Tax Deducted at Source. According to Section 194 Q, the Income Tax Department requires any company or individual to deduct tax at the source if the payment for goods and services exceeds Rs. 50 lakhs, such as rent, consultation, legal fees, royalties, technical … dave juran

TDS on Transportation Charges (Freight): All you need to know

WebApr 6, 2024 · Rate of Tax Deduction Under section 194J. As covered in this section, all payments are subject to a standard TDS rate of 10%. However, if the Deductee does not provide the PAN number to the Deductor, the TDS deduction takes place at the rate of 20%. Note: TDS at 2% must be deducted on payment to call centres effective from 01.04.2024. WebMay 26, 2024 · Know about section 194J under TDS for technical and professional services fees. Also, check amendments of TDS section 194J due to finance bill 2024 with general … WebTDS on Service tax paid on reverse charge paid to advocates. Contents. We have paid legal fees to our advocate amounting to Rs.100000/-. We have deducted TDS under section 194J @ 10% on Rs.100000/-. Our chartered accountant is adamant that TDS is required to be deducted on Service Tax component paid under reverse charge mechanism. bavarian berlin

What is TDS, TDS Definition, TDS News, TDS Rates and Returns

TDS rates on salary, interest and other incomes for FY 2024-23

WebMar 3, 2024 · 194-P. Rs 3 lakh or Rs 5 lakh (in old tax regime) or Rs 2.5 lakh (in new tax regime) Normal slab rate. Purchase of Goods. 194Q. 50 Lakh. 0.1. *From April 1, 2024, Threshold will be Rs 50 lakh or Stamp duty value, whichever is higher. ** TDS will be deducted on the monetary amount received from builder/developer. WebMay 11, 2024 · Threshold limit TDS Rate % 192: Salary Income: Income Tax Slab: Slab rates (Based on old or new tax regimes) 192 A: EPF – Premature withdrawal : Rs 50,000: 10% ... Fees for professional or technical services: Rs 30,000: 2% (or) 10%: 194LA: Payment of compensation on acquisition of certain immovable property: Rs 2,50,000: 10%: dave jursikWebJan 23, 2024 · Updated: 23-01-2024 12:55:13 PM. As per Union Budget 2024, the TDS rate for the payment of fees for technical services under Section 194J of Income Tax Act has … dave jung

"WebAug 3, 2024 · The terms legal fees, medical costs, engineering fees, architectural fees, chartered accountant fees, interior designer fees and advertising expenses are all examples of professional fees. The provision of management, technical, or consulting services would be considered examples of technical services. ... Time limit for TDS deposits under ... " - Tds on legal fees limit

Tds on legal fees limit

Section 194J- FAQs- TDS on Professional or Technical Services Fees

WebApr 13, 2024 · Thus the non-residents are exempted from the payments. The threshold limit is 10,000 in case the TDS payer is a bank or any banking institution, banking co … WebMar 3, 2024 · 194-P. Rs 3 lakh or Rs 5 lakh (in old tax regime) or Rs 2.5 lakh (in new tax regime) Normal slab rate. Purchase of Goods. 194Q. 50 Lakh. 0.1. *From April 1, 2024, …

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WebMar 28, 2024 · What is TDS : Tax Deducted at Source or TDS was introduced to collect tax from the source of income. According to the Income Tax Act, anyone making a payment …

WebMay 21, 2024 · TDS On Professional Fees Limit for FY 2024-23 – Exemptions & Penalty. R. Nithya. Dec 5, 2024. 9,900 5 mins. We start by understanding Section 194J of The … WebTDS CHART FOR FY 2024-23 (AY 2024-24) aD Normal FY 2024-21 (AY [No Return filed for] 193 194A 1948 sac 1940 19404 1946 1941 19414 19418 1941c 19488 _ income by way of winnings from horse races Payment of accumulated balance of provident fund which is lraxable in the hands of an employee Section Threshold timit Case & 2024-22) & …

WebMar 29, 2024 · Only if the payment exceeds the prescribed limit, then TDS provisions will be applicable. For example, as per the provisions of Section 194J, no TDS required to be … WebDec 29, 2024 · These new rates will be in force from the 14th of May, 2024 to 31st March 2024. Payment for contract, professional fees, interest, rent, dividend, commission, brokerage, etc. shall be eligible for this reduced rate of TDS. That means if you were liable to pay TDS at the rate of 10% earlier now you will have to pay the TDS at the rate of 7.5% …

WebFeb 3, 2024 · As the aggregate limit of INR 30,000 has been exceeded, Mr. Jay is liable to deduct TDS @10% on the total amount of INR 50,000. TDS Return The payer/deductor …

WebAug 3, 2024 · Check the applicability, exemption limits, rate, example, definitions, consequences on non-compliance for the FY 2024-21(AY 2024-22) Section 194J of the … bavarian bushWebSection 194LBC. 25%. 30%. Specific income earned by an investor. Section 194LBB. 10%. The Indian Finance Ministry implemented new TDS rates for resident individuals, which are applicable for 2024-23 and 2024-24 to provide financial respite in light of the recent economic crisis. bavarian buntingWebThe existing provisions of Section 194I of the Income Tax Act, casts a duty on the payer of rent to deduct tax at the rate of 10% of the rent on any land or building if the aggregate of the rent paid or likely to be paid during the year exceeds Rs 2.40 lakh. The limit of Rs 2.40 lakh is applicable for each payee and not for each of the properties. bavarian breakfast sausageWebFeb 11, 2024 · The threshold limit for deduction of TDS on Consultancy Charges is as follows; For Professional Services – 30,000 ... Rendering of services for procurement of orders might include technical or professional fees which then shall be subject to TDS under Section 194J. ... The legal services availed will be considered as professional services ... bavarian caps kelheimWebNov 28, 2024 · This amount exceeds the TDS non-deduction limit of Rs. 2,40,000. Therefore, DFE Group Pvt Ltd. will deduct TDS @10%, i.e., Rs. 4000 per month, and pay Rs. 36,000 per month as rental payment. ... legal fees, royalty, technical services, etc. What is TCS? Tax Collected at Source, or TCS is a tax imposed on goods by the seller, who … bavarian cbdWeb1 day ago · Dist. Intermediate Educational Office Vs Income Tax Officer (TDS) (ITAT Hyderabad) ITAT Hyderabad held that payment to contract teachers doesn’t qualify as ‘fee for professional services’ and accordingly TDS under section 194J of the Income Tax Act not deductible. Facts- The common question that arises in both these appeals is whether the ... bavarian brisbane menuWebNov 23, 2024 · Is TDS to be deducted on obtaining legal services? Yes, legal profession is covered under section 194J. Therefore, if a payment is made to a resident person … bavarian beer