TDS U/S 194 J
This query is : Resolved
15 April 2008
Please let me know what will be effective TDS Rate for a firm of Advocates in respect of legal fees
XYZ & Associates
Advocates
Whether it will be trated as firm ??
plz let me knw TDS Rate,surcharge (if appl).
XYZ & Associates
Advocates
Whether it will be trated as firm ??
plz let me knw TDS Rate,surcharge (if appl).
15 April 2008
yes, it will be treated as firm
and and fee received will be treated as professional fee and tds rate is 10.3%
and and fee received will be treated as professional fee and tds rate is 10.3%
15 April 2008
But dont u think if it is firm ,surcharge @10% will also be charged on 10% .
15 April 2008
UNDER SEC 194J OF INCOME TAX ACT,TDS @10.3% WILL BE DEDUCTED ON THE ADVOCATES FEES PLUS SERVICE TAX @12.36% CHARGED BY THE ADVOCATES ON THE FEES.
R.V.RAO
R.V.RAO
15 April 2008
YES MR.ARSHAD,IF THE AGGREGATE OF PAYMENT SUBJECT TO TDS EXCEEDS RS. TEN LAKHS ,THEN SURCHARGE OF 10% ON TAX IS ATTRACTED.THANKS FOR POINTING OUT.
R.V.RAO
R.V.RAO
15 April 2008
I think there is some confusion,as per my knowledge ,in case of payment to a firm we need not to check 10 lakh limit .We will have 2 deduct TDS @ 10% plus surcharge 10% plus 3% edu cess ,total comes to 11.33 % ..
15 April 2008
No Mr. Arshad. In the case of making a professional payment, the applicable Basic TDS Rate is 10%. If the payments you are going to make exceeds Rs. 10 Lakhs in a year, then surcharge of 10% will be applicable. In both cases TDS of 3% will be applicable. So the Cumulative rate will be as follows;
1. Without Surcharge : 10.3%
(Applicable if the payments in a year to the firm does not exceeds 10 Lakh)
2. WITH SURCHARGE : 11.33%
(Applicable if the payments to a firm exceeds 10 Lakh)
For better clarifications you can refer to the Income Tax Act or Reckoner
1. Without Surcharge : 10.3%
(Applicable if the payments in a year to the firm does not exceeds 10 Lakh)
2. WITH SURCHARGE : 11.33%
(Applicable if the payments to a firm exceeds 10 Lakh)
For better clarifications you can refer to the Income Tax Act or Reckoner
15 April 2008
in case of partnership firm, surcharge is applicable when payment exceeds 1 crore.
20 April 2008
194J
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