Under section 194J, for Professional Fees & Technical Services, 10% TDS should be deducted, if amount exceeds Rs. 30,000.
If total amount is Rs. 45,000 for the FY 2014-15, TDS should be 10% of (Rs.45,000 - Rs. 30,000) i.e. Rs. 1,500. Am I right?
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Clarification on 194j
Replies (8)
If the amount exceed 30000/- , tds to be deducted on the entire amount i.e. Rs 45000/- in your case.
TDS should be deducted on entire amount if exceeds Rs 30000. In your case TDS should be deducted on Rs 45000 i.e. Rs 4500.
Regards,
Siddharth Bumb
www.siddharthbumb.blogspot.com
www.facebook.com/DTandIDT
Agreed with CA Nilamoni
Agreed with above reply.
Rs. 30000 is a limit & not a deduction. If the amount exceed specified limit, tds is to be deducted on entire amount.
I AGREED WITH CA NILAMONI .
Tax should be deducted on 45000 i.e 4500
As per section 194j the limit of 30000 is per service.
As per sec 194j tax shud b deducted @ 10% on the whole amount excluding of service tax
Ie., value of service 10000
+service tax 1236
NET AMT. 11236
TDS=10000*10%
ie.,1000
Thanks everyone.
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