Tds on professional fees us 194-j-threshold limit crossed
This query is : Resolved
10 January 2019
Dear Sir,
One of my company received professional fees bill from CA for Rs.20000/- in November-2018 and full payment made & not deduct TDS on fees due to Threshold Limit is not crossed.
Now the another professional fees bill from CA for Rs.15000/- in January-2019 and we made payment to him after deducting the TDS of Rs.3500/- and payment made Rs.11500/- and TDS paid in 8.1.2019.
My query is how to show transaction of professional fees (Rs.20000/-) in TDS Return in Quarter-3 of FY 2018-19.
In TDS Return Preparation Utility there is option for A,B,C,Y,S,Z.
Can I select the 'Y' option in TDS return for not exceeded the Threshold Limit.
In quarter-4 the transaction of Rs.15000/- can shown and TDS of Rs.3500/-.
Please suggest the valuable response in above issue.
Thanks & Regards
NK
One of my company received professional fees bill from CA for Rs.20000/- in November-2018 and full payment made & not deduct TDS on fees due to Threshold Limit is not crossed.
Now the another professional fees bill from CA for Rs.15000/- in January-2019 and we made payment to him after deducting the TDS of Rs.3500/- and payment made Rs.11500/- and TDS paid in 8.1.2019.
My query is how to show transaction of professional fees (Rs.20000/-) in TDS Return in Quarter-3 of FY 2018-19.
In TDS Return Preparation Utility there is option for A,B,C,Y,S,Z.
Can I select the 'Y' option in TDS return for not exceeded the Threshold Limit.
In quarter-4 the transaction of Rs.15000/- can shown and TDS of Rs.3500/-.
Please suggest the valuable response in above issue.
Thanks & Regards
NK
CA R SEETHARAMAN
(Expert)
10 January 2019
Yes select Y option for payment of 20,000.
Show 15,000 in fourth quarter.
Show 15,000 in fourth quarter.
Message likes :
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10 January 2019
Transaction of Rs.20000/-in November-2018 the Income Tax Department can treat is late deduction of TDS and can send a notice.
CA R SEETHARAMAN
(Expert)
10 January 2019
No select Y option in TDS return no notice will be sent no interest payable.
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