Tds on professional fees
This query is : Resolved
05 December 2013
DearSir,
TDS is deucted on Professional fee/techinical fees. When is this applicable? when amount exceeds 20000/- or 30000/- for FY 13-14.
TDS is deucted on Professional fee/techinical fees. When is this applicable? when amount exceeds 20000/- or 30000/- for FY 13-14.
CA Kunal Kourani
(Expert)
05 December 2013
As per Section 194J of Income Tax Act, 1961 tax is to be deducted while making payment of fees to resident for Professional services, fees for Technical services,etc if sum paid exceeds Rs. 30000/- each transaction.
If you are paying Rs. 30,001/- for professional services deduct TDS @ 10%.
Also note that each service is to be considered separate from other one. for e.g. Fees for Technical services is a separate service in comparison to Professional services.
If you are paying Rs. 30,001/- for professional services deduct TDS @ 10%.
Also note that each service is to be considered separate from other one. for e.g. Fees for Technical services is a separate service in comparison to Professional services.
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