if any person obtained professional service for personal use of more than 50,00,000 in a year and he is not liable to tax audit in last year.
whether TDS to be deducted at rate 5% from 1st sep 19??
thanks.
Menu
194M w.e.f 1st sep 19
Replies (1)
it is mandatory for individuals and HUFs to deduct tax at source (TDS) on any payment exceeding Rs 50 lakh per annum to contractors and professionals.
This would mean that if the total of payments to any single contractor for wedding functions, house renovation or to a single professional during a financial year exceeds Rs 50 lakh then TDS @ 5% would be deductible by the payer.
Under 194M audit is not the criteria.
This would mean that if the total of payments to any single contractor for wedding functions, house renovation or to a single professional during a financial year exceeds Rs 50 lakh then TDS @ 5% would be deductible by the payer.
Under 194M audit is not the criteria.
Recent Threads
- LTCG Tax & Indexation on Debt Mutual Funds Sol
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
- LTCG Tax on property
- Short term gain in itr2, missing 111A
- Errors in ITR Filing: Minimum One Character Requir
- Which ITR Opt
- Employer Details for NRI
Related Threads
CAclubindia
