TDS U/s 194J
This query is : Resolved
Sharad Sanas
(Querist)
18 December 2009
Dear All
As per provisions of Income tax Act 1961 Sec 194J TDS on Professional fees is applicable on professional services recived. but if Assessee under tax audit avails OD Facility from Bank for which bank apart from Interest levys other charges in the nature of fees (mentioned Bank charges) exceeding Rs.20,000/- is TDS needs to be deducted on the same amount ( Bank is an nationalised Bank)
As per provisions of Income tax Act 1961 Sec 194J TDS on Professional fees is applicable on professional services recived. but if Assessee under tax audit avails OD Facility from Bank for which bank apart from Interest levys other charges in the nature of fees (mentioned Bank charges) exceeding Rs.20,000/- is TDS needs to be deducted on the same amount ( Bank is an nationalised Bank)
Sharad Sanas
(Querist)
18 December 2009
Dear All,
As per provisions of Income tax Act 1961 Sec 194J TDS on Professional fees is applicable on professional services recived. but if Assessee under tax audit avails OD Facility from Bank for which bank apart from Interest levys other charges in the nature of fees (mentioned Bank charges) exceeding Rs.20,000/- is TDS needs to be deducted on the same amount ( Bank is an nationalised Bank)
As per provisions of Income tax Act 1961 Sec 194J TDS on Professional fees is applicable on professional services recived. but if Assessee under tax audit avails OD Facility from Bank for which bank apart from Interest levys other charges in the nature of fees (mentioned Bank charges) exceeding Rs.20,000/- is TDS needs to be deducted on the same amount ( Bank is an nationalised Bank)
CA Vanesh Nadar
(Expert)
18 December 2009
Section 194J is with regards to TDS on Professional Fees for the Professional Services rendered. So, Bank being providing OD facility is not an professional service nor the charges charged by the Bank (Be nationalized or not).
I Hope your quary has been resolved.
I Hope your quary has been resolved.
Murtaza I Bhagat
(Expert)
18 December 2009
Section 194J is for Prof. Service but Bank OD/CC are Facilities of Bank not called as Professional Service.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Non filing of I T Returns
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
