Tds on professional service
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 August 2014
Sir,
I have received Professional Fees from one firm which is Rs. 20000/- p.m. w.e.f. 01/04/2014. and As per 194J TDS should be deducted from professional fees exceeding prescribed limit i.e. Rs.30000/- p.a. and rate of TDS is 10%.
for F.Y. 2014-15 Slab rate for individual Rs.250,000/- but there is no need to deduct tax because I am below threshold limit.
Please advice in this matter. Is there is any way to save from TDS Deduction?
I have received Professional Fees from one firm which is Rs. 20000/- p.m. w.e.f. 01/04/2014. and As per 194J TDS should be deducted from professional fees exceeding prescribed limit i.e. Rs.30000/- p.a. and rate of TDS is 10%.
for F.Y. 2014-15 Slab rate for individual Rs.250,000/- but there is no need to deduct tax because I am below threshold limit.
Please advice in this matter. Is there is any way to save from TDS Deduction?
25 August 2014
but in aggregate its exceeding 30,000 p.a basis so tds is deductible and u need to file ur return and can claim tds as refund.
25 August 2014
75000 p.a. ? I think you want to say 30000 p.a. which is the threshold limit u/s 194J.
You can apply for lower/nil deduction certificate but its advisable to claim the TDS deducted by filing Income Tax Return as suggested by Tushar.
You can apply for lower/nil deduction certificate but its advisable to claim the TDS deducted by filing Income Tax Return as suggested by Tushar.
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 August 2014
Sanjay Sir, as you said I can apply for lower/ nil deduction certificate. it is proper or legal way to save from TDS Deduction. if it is right way then I will aply for nil deduction certificate
03 September 2014
An application for nil/ lower deduction of TDS under Section 197 is required to be made by the taxpayer to the income tax officer in Form 13.
See details from below link--
https://www.charteredclub.com/income-tax-form-13-for-applying-for-nillower-deduction-of-tds/
See details from below link--
https://www.charteredclub.com/income-tax-form-13-for-applying-for-nillower-deduction-of-tds/
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