TDS U/s 194J

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Sharad Sanas (Querist)
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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)

Sharad Sanas

Sharad Sanas (Querist)
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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)

CA Vanesh Nadar

CA Vanesh Nadar (Expert)
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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.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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18 December 2009 Section 194J is for Prof. Service but Bank OD/CC are Facilities of Bank not called as Professional Service.

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