As per section 194J of Income tax act 1961, a person is required to deduct TDS @ 10% on following payments paid to a resident in excess of Rs. 30,000 during a financial year; Fees for professional services; or Fees for technical services; or Royalty; or Non-compete fee as referred under section 28(VA) of income tax act. Threshold limit of Rs. 30, 000 as specified … [Read more...] about Section 194J – TDS on Professional Fees or Technical Services
TDS
TDS under section 194D – Insurance Commission
Section 194D deals with TDS on insurance commission. It’s applicable to any person responsible for paying any income to a resident by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance. Such person shall deduct Tax … [Read more...] about TDS under section 194D – Insurance Commission
Tax Deduction at source (TDS) on Contractor Payments U/S 194C: A Complete Guide
Tax Deduction at Source (TDS) is a crucial part of the Indian taxation system. If you're paying contractors or subcontractors for services rendered, understanding TDS on contractor payments under Section 194C of the Income Tax Act is essential. This guide will walk you through the details, explaining the process in simple terms so you can comply with tax regulations without any … [Read more...] about Tax Deduction at source (TDS) on Contractor Payments U/S 194C: A Complete Guide
How to deduct correct TDS from salary and non salaries items
Income Tax Act directs specified persons to deduct tax from payments which has been specifically required to deduct income tax at the rates specified there in. Different rates are specified for different type of payments to deduct TDS. TDS from salary is deducted by an employer from the salary of employee and deposited in the central government account against the PAN of the … [Read more...] about How to deduct correct TDS from salary and non salaries items
What is TDS Certificate -Form 16 or 16A
TDS certificate is to be issued by each deductor who is deducting income tax and to be furnished to the person from whose income / payment the Income tax has been deducted. The TDS certificate should specify the amount of tax deducted and the rate at which it has been deducted. Its significance to the government lies in the fact that it propones the collection of tax, ensures a … [Read more...] about What is TDS Certificate -Form 16 or 16A
Time limit for payment of TDS
Time and Mode of Payment to government account of tax deducted at source or tax paid under sub-section (1A) of Section 192 are below; All sums deducted ( TDS ) in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐ On the same day where the tax is paid without production of an … [Read more...] about Time limit for payment of TDS