Income tax act 194j

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WebAug 11, 2024 · Section 194J contains provisions related to deduction of TDS on professional Fee and Technical fees which requires deduction of TDS @ 10%. However, the Finance Act, 2024 reduced the rate of TDS from 10% to 2% for few payments under section 194J. 1. Applicability of Provisions of Section 194J WebJun 26, 2024 · What is Section 194J under the Income Tax Act ? Section 194J governs the TDS provisions related to specified services. Any person paying fees to any resident …

Section 194J of Income Tax Act – 2024 - Sorting Tax

WebMay 11, 2013 · Neither service can be regarded as "technical service" for the purpose of section 194J of the Act At the time the Income-tax Act was enacted in the year 1961, as also at the time when Explanation 2 to section 9(l)(vii) was introduced by the Finance (No. 2) Act, with effect from April 1, 1977, the products of technology had not been in such wide ... WebOct 2, 2024 · As per the utility of e-TDS provided, section code 194JA is assigned to denote deduction of tax under section 194J @ 2% whereas section code 194JB is assigned to … option trading app for pc

Section 194J – Fees for professional or technical …

WebApr 11, 2024 · The Finance Ministry, inserted sub section 2 to Section 194 R in the Indian Income Tax Act, 1961 with effect from 1st July 2024. The objective of this insertion was … WebSection 194J of the Income Tax Act deals with the payments made in the form of professional or technical fees to doctors, lawyers, accountants, etc. As per the rules and … 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 … portlethen dump

Section 194J Of Income Tax Act: TDS On ... - Blog by Tickertape

Web194J. Fees for professional or technical services. 194K. Income in respect of units. 194L. Payment of compensation on acquisition of capital asset. ... Income-tax (Second Amendment) Act, 1998 (11 of 1999) Finance Act, 1999 (27 of 1999) Income-tax (Amendment) Act, 1999 (28 of 1999) WebJan 23, 2024 · Section 194J of the Income Tax Act, 1961 mentions various penalties in case an individual or entity availing services forgets to deduct TDS while making the payment or delays the TDS payments to the government. The following are some of the penalties that may be applicable: option trading book in hindi pdfWebAfter 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 … option tracker promotion code

"WebJun 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 […] " - Income tax act 194j

Income tax act 194j

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

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. 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 ...

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WebApr 15, 2024 · According to the rules and regulations of Section 194J of the Income Tax Act, 1961, a person must deduct their Tax Deducted at Source (TDS) only at the rate of 10% … WebApr 12, 2024 · The present article features the amendment to TDS section 194J of the Income-tax Act, 1961 by the Finance Act, 2024.. As per the proposed amendment to TDS section 194J, TDS on fees for technical services (other than professional services) is reduced from 10% to 2% with effect from 1st April, 2024.Till 31st March, 2024, the TDS …

Web25194J. (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 services26, 27[or] WebFeb 3, 2024 · What is Section 194J? TDS u/s 194J needs to be deducted by a deductor other than an individual or a HUF (not liable to tax audit) @ 10% on any amount paid or payable to any person which is in excess of Rs. 30,000 as: Fees for professional services Fees for technical services

WebJun 13, 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 … Web1 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 …

WebJun 14, 2012 · (i) the software is acquired in a subsequent transfer and the transferor has transferred the software without any modification, (ii) tax has been deducted- (a) under section 194J on payment for any previous transfer of such software; or (b) under section 195 on payment for any previous transfer of such software from a non-resident, and

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, … option tradeWeb1 day ago · Sec 197 of the Income Tax Act provides an option to the person for make an application to the respective Assessing officer for lower deduction/ Non deduction of tax. Where the assessing officer is satisfied that the existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, then he may ... option trading alertsWebMar 8, 2024 · While Section 194J is quite simple, there are some terms and conditions for TDS deductions that you should know about. These terms and conditions are as follows: … portlethen larderWebApr 11, 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 … portlethen libraryWebAccording to 194A of Income Tax Act, TDS is deduct ible at 10%. If a recipient does not furnish his/her PAN to a deductor, then TDS is applicable at 20%. However, there will be no … option trade type sweep vs tradeWebNov 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 … option tracker.netWebSection 194J of the Income Tax Act focuses on provisions regarding TDS deduction by a payer while making payments to a resident individual for providing specified technical and … portlethen garage