Tds
This query is : Resolved
08 September 2012
Prof.charges bill is exactly Rs 30,000 - no other transactions during the year. Should i deduct TDS @ 10% as per 194 j? and simiarly for Rent if it's exactly 1,80,000 should i?
Dintakurthi Tirumala
(Expert)
08 September 2012
As per section 194J any amount paid exceeding Rs.30000 required to deduct TDS. As well as section 194I any amount paid not exceeding Rs.180000 during the year not required to deduct TDS. So no need to deduct TDS for your cases.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Hemant Kumar
(Expert)
08 September 2012
Professional Fees: (Section 194J)
If Transaction is Single Entry of Rs.30000 then Deduct the TDS 10% as per Section. If Aggregate 30000 in year then dont deduct the TDS.
Rent: (194I)
Rent 180000 10%
Rent-plant and machinery 2 %
All case no pan 20%.
If Transaction is Single Entry of Rs.30000 then Deduct the TDS 10% as per Section. If Aggregate 30000 in year then dont deduct the TDS.
Rent: (194I)
Rent 180000 10%
Rent-plant and machinery 2 %
All case no pan 20%.
CA Ayush Agarwal
(Expert)
08 September 2012
No, You Need Not to Deduct in Both Case.
Because Exceeding Only Need to Be Deducted.
Just Check only in Case of 194j, If Service Tax is Charged, Then 30000+Service Tax, Then Need to Deduct.
Need Not to Check This in 194I.
Because Exceeding Only Need to Be Deducted.
Just Check only in Case of 194j, If Service Tax is Charged, Then 30000+Service Tax, Then Need to Deduct.
Need Not to Check This in 194I.
CA Ilayaraja
(Expert)
08 September 2012
194j states that tds is applicable if the fees exceeds Rs. 30000. same is the case with Rent. so no deduction required
CA Sumiit B Nagpal
(Expert)
08 September 2012
Agreed with the above expert..
CA Sumiit B Nagpal
(Expert)
08 September 2012
Agreed with the above expert..
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