Tds on audit fees limit

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WebMar 5, 2010 · Replied 21 October 2009. yes tds is deductible on payment or credit whichever is earlier , hence tds would b deducted on provision for audit fees. Sreedhar Atchutuni ACA,GradCWA (Service) (496 Points) Replied 21 October 2009. Yes, TDS has to be deducted, because TDS attracts at the time of credit or payment which ever is earlier. WebJun 26, 2024 · Here ABC company is not liable to deduct TDS from payments made to Mr.PK. It is because Rs 30,000 is a separate limit for each item, i.e. royalty and fees for technical services. However, there is no such limit for payments (commission, fees or …

Section 194J - TDS on Professional or Technical Fees

WebApr 15, 2024 · The basic difference between TDS and TCS in GST lies in their applicability, the threshold limits beyond which they are applicable, the rates of deduction and collection, the due date for depositing the tax collected, and so on. TDS Under GST: TDS under GST is applicable when the sale of goods or services exceeds Rs.2.5 Lakhs. WebTDS Scrutiny is an important part for Fax Audit, Company Audit or Internal Audit. TDS-Compliance.pdf. ... TDS on Hire; 194J – TDS on Profession Fees; Software goes from outlay to events to check threshold limit the TDS applicability as per featured mapped. TDS can be deductible within combined zutritt or by-passing separate entry. låna pengar utan bankid

Section 194J – Fees for professional or technical services - ClearTax

WebApr 13, 2024 · Under Section 194J, Rs.30,000 is the maximum limit which is applicable to each item or payment independently. TDS under this section is also applicable on commission or remuneration or fees given to a company's director, even though the amount is not a part of the main salary. In these cases, the Rs.30,000 limit is not applicable. … WebApr 10, 2024 · The tenant is responsible for deducting TDS on rent at the rate of 10% on the rent paid to the landlord if the rent paid exceeds Rs. 2,40,000 per annum as per the norms of Income Tax Act under section 194 – I. The tenant must also remit the TDS amount to the government. If the landlord is a non-resident, the tenant must deduct TDS at the rate ... Web2.5 Annual TDS return 4 2.6 Conditions under which payer is not required to deduct TDS 4 2.7 Tax to be deducted in priority 4 2.8 Consequences for failure to deduct tax at source … je te vois ou je te vois

TDS Rates Chart for FY 2024-24 (AY 2024-25)

Tds on audit fees limit

New Turnover Threshold for the Purpose of TDS Applicability

WebFeb 10, 2024 · The TDS limit on Post Office Savings and Bank deposit have become Rs. 40,000 from Rs. 10,000 now. The TDS threshold has gone up to Rs. 2,40,000 from Rs. … WebPayment of management fees pursuant to 111B(i) to – (a) a resident (b) a non-resident . 5. 10. 10. Payments to a non-resident entertainer or sportsperson pursuant to 111B(j) 10: 11. …

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WebTDS rate specified on professional fee is 10%. TDS required to be deducted = 10% on Rs 1,00,000 = Rs 10,000. Net payment to Mr. XYZ = Gross Amount – TDS Deducted = Rs 1,00,000 – Rs 10,000 = Rs 90,000 ... You are required to apply for the TAN only if you have made any payment above the threshold limit and TDS is required to be deducted. For ... WebSep 21, 2024 · ASSIGNMENT ON TDS. Audit fees payable to Nagesh Assosiates (Individual / HUF / Resident) – ₹ 3,00,000. Deduct TDS from his amount and pass the necessary entries. Ref no: Nag/01. TDS Nature of payment: Professional Fees Section 1974J Threshold limit : ₹30,000. SOLUTION SETTING UP FEATURES. Press F11 for …

WebNew Turnover Threshold for the Purposes of Tax deducted at Source (TDS) Applicability as per the Finance Act 2024. TDS was applicable to individuals and to HUF if their accounts were subject to audit in Section 44AB of the preceding year. The Finance Act 2024 specifies that All individuals & HUF will be liable to deduct TDS if the revenue ... WebFeb 17, 2024 · TDS under section 194J of Income Tax Act shall be deducted by an individual or HUF, if the total sales, gross receipts or turnover from the business or profession carried on by him exceeds the monetary limits specified u/s 44AB (a) (Rs. 1 crore) or 44AB (b) (Rs. 50 lakhs) during the FY immediately preceding the FY in which such sum is credited ...

WebTDS is required to be deducted on Fees paid or payable for Professional or Technical Services under section 194J of Income Tax Act. ... Advocate/Lawyers/Legal Fees; Audit … WebFeb 10, 2024 · The TDS limit on Post Office Savings and Bank deposit have become Rs. 40,000 from Rs. 10,000 now. The TDS threshold has gone up to Rs. 2,40,000 from Rs. 1,80,000 for deduction of tax on rent As said earlier, you are liable to face certain consequences like late fees, interest on the tax amount, and penalties because of non …

WebJul 6, 2024 · Here firm XYZ is not liable to deduct TDS from payments made to Mr. Red as ₹ 30,000/- limit is separate for each item, namely fees for technical services and …

WebFeb 21, 2024 · Rate of TDS Exemption Limit (No TDS to be Deducted upto threshold limit mentioned) 1: Section 192: TDS on Salary: Any Person: Employee(R or NR) Applicable Income Tax Slab Rates: Basic GTI exemption limit of Rs.250000 or Rs.300000 or Rs.500000 as the case may be. 2: Section 192A: TDS on Premature Withdrawal from … je texas bandWebMar 12, 2012 · TDS is always deducted on gross bill amount,i.e. including service tax. Sumeet (CA Final) (110 Points) Replied 12 March 2012. TDS is deductible on provision of expense also. Just because the auditor is not appointed cannot be the reason for non-deduction of TDS if the Audit fees is more than Rs. 30,000. lanapengarguidenWebFeb 3, 2024 · TDS u/s 194J needs to be deducted by deductor other than an individual or a HUF, @ 10% on any amount paid or payable to any which is in excess of INR 30,000 as: … lana park hotel