WebbSo, I recently found out that they are filing TDS under 192J(b) section which is TDS on professional fee. So, I am actually not a employee. They are also providing payslips with zero salary breakdown. They just mention 5000 TDS on 50000 Salary. No basic salary, no allowances, no PF, no insurance, zero breakdown. How should I respond to this ... Webb21 juni 2024 · To set up TDS in vendor master. TDS Section and concessional codes need to be defined for each vendor that is liable to TDS. Multiple TDS sections can be …

Section 194J Of Income Tax Act: TDS On Professional Or Technical Fees

Webb26 maj 2024 · TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of fees for technical as well as professional services. We prepared … The type of payments to residents covered under this section are as follows: 1. Professional fees 2. Fees for technical services 3. … Visa mer Every person making a payment in the nature of fees for professional or technical services is liable to deduct tax at source. However, below persons are not liable to deduct TDS on such … Visa mer The tax should be deducted at the time of- 1. Passing such entry in the accounts or 2. Making the actual payment of the expense, whichever … Visa mer todd schoenfelder sioux falls realtor

Section 194J of Income Tax Act - TDS on Professional Fees

Webb22 apr. 2024 · TDS or tax deducted at source is a process of collecting Income Tax at source by the GOI (Government of India). It is a deduction of tax from the original source of income. It is essentially an indirect method of collecting the tax that combines the concepts of “pay as you earn” and “collect as it is being earned.”. WebbPayment on account of purchase through local L/C. (Section 52U) Respective Bank or Financial Institutions. 3% on the amount paid or credited not being in the nature of Disributor Financing. 1% on the amount paid or credited in case of Distributor Financing Agreement. Tax shall be deducted at the rate of. two percent (2%) in. Webb30 mars 2024 · Section 206AA - As per this section if the deductee does not provide valid PAN to the deductor, TDS shall be deducted at higher of the following rates: For payments under sections 194O and 194Q : At higher rate of 20% or applicable TDS Rate, whchever is higher. For payments under sections other than 194O and 194Q : At higher rate of 5%. penylan road newport