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Section 194J
Hello Sandeep,
As per section 194J, In case of consultancy payments, if payment exceeds in aggregate Rs30,000 we have to deduct TDS
But in this case your question might be wrong. If it is right, there is no deduction of TDS because Jan-Mar is one financial year of amount of Rs.15,000 and Apr-Jul is another financial year of amount of Rs.20000. So there is no exceeding of Rs.30000
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@ Sandeep Sharma.,
If You are continuing the consulting then You can deduct TDS or wait the limit crossed. After You will deduct.
If it's reached Rs 30k on October then deduct TDS on 30k...
So, simple.
consultancy fees /Profession fee(194J) Threshold limit single Invoice INR 30,000/- ,its not mandatory to deduct as tds u/s 194J..
1. There will not be any interest since provision itself allows not to deduct TDS when the threshold limit had not crossed Rs. 30,000 in a FY.
2. But TDS u/s 194J @ 10% should be deducted on the entire payment made till date. For example Total payment made till date Rs. 35,000 and last payment is Rs. 5,000 for the month of July. TDS for the month of July should be deducted on the entire Rs. 35,000 @ 10% which comes to Rs. 3,500 and remit the same within the due date.
Please correct me if the above solution has an alternative view.
Suresh you are absolutely correct
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