Jan 29, 2021 · Section 194J provides for deduction of income tax from the payments made towards fees for professional or technical services at the rate of 10 per cent. The rate of TDS for both the 'fees for professional services' and 'fees for technical services' is 10 per cent.

Feb 4, 2025 · Under Section 194JB, TDS is applicable only if the total payment to a single professional exceeds ₹30,000 in a financial year. Payments below this threshold are exempt from TDS, simplifying compliance for smaller transactions.

Jan 22, 2021 · 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 7th August 2020. 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 ...

Section 194JB of Income Tax Act requires that any person, excluding individuals and Hindu Undivided Families (HUF) not subject to a tax audit, must deduct Tax Deducted at Source (TDS) when paying fees for professional services.

Mar 13, 2025 · Under Section 194J payments towards fees for professional or technical services have TDS implications. Know more about the section 194J, its rate for deduction of tax, time of deduction, consequences of non-deduction or late deduction here.

Jul 26, 2024 · The TDS is applied if the aggregate amount of dividend paid or expected to be paid during a financial year is over Rs 5,000. It applies to all resident individuals, Association of Persons (AOPs), Body of Individuals (BOIs) and Hindu Undivided Families (HUFs).

Oct 2, 2021 · 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 denote deduction of tax under section 194J @ 10%.

Mar 17, 2023 · Is TDS applicable to non-resident taxpayers under Section 194JB? No, Section 194JB is applicable only to resident taxpayers. Non-resident taxpayers are subject to TDS on dividends under Section 195 of the Income Tax Act.

6 days ago · According to Section 194J of the Income Tax Act, any person (other than an individual or a Hindu Undivided Family) making payment to a resident for professional or technical services is required to deduct TDS at the rate of 10% or 2% as applicable of the amount paid or credited to the recipient.

Nov 14, 2022 · Dive deep into the intricate details of TDS under Section 194J of the Income Tax Act, 1961. This comprehensive analysis covers the applicability to various payments, definitions of professional services, technical services, royalty, and non-compete fees.