Tds on consultancy charges
This query is : Resolved
VIDYASHREE VIDYA
(Querist)
27 March 2019
Hi everyone,
My question is we are having our consultant where we are giving her charges of Rs. 25000 per month so her total charges is 300000 p.a now my doubt is whether i have deduct 10% on every month or 10% on 300000i.e her annual charges?
My question is we are having our consultant where we are giving her charges of Rs. 25000 per month so her total charges is 300000 p.a now my doubt is whether i have deduct 10% on every month or 10% on 300000i.e her annual charges?
CA Shruti Kute
(Expert)
27 March 2019
Hi Vidhyashree,
As per section 194J of Income tax act 1961, a person is required to deduct TDS @ 10% on professional fees paid to a resident in excess of Rs. 30,000 during a financial year. In your case since the annual payment exceeds Rs 30k, you will have to deduct tds at 10pc every month.
As per section 194J of Income tax act 1961, a person is required to deduct TDS @ 10% on professional fees paid to a resident in excess of Rs. 30,000 during a financial year. In your case since the annual payment exceeds Rs 30k, you will have to deduct tds at 10pc every month.
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