I have a query regarding tds u/s 194J. If a chartered accountant provides servises as audit, Company Law Matters, Income Tax Matters, and charge fee as 15000 for audit, 17000 for company law matters and 18000 as income tax matters. Now the query is is tds to be deducted on the total of 15000+17000+18000 or the liability for tds does not arise as the sum for each professional service is below 20000, as stipulated by the Section 194 J. Kindly, resolve the query
He Should deduct TDS on the amt. of Rs 50000 total.
The TDS is deducted on the total of 15000+17000+18000 = 50000. If the whole amount paid to same firm( assessee).
As per Sec194J : When the amount of such sums credited or paid during the F Y by the aforesaid person to the account of Professional services exceed 20,000/-. Tax is to be deducted.
TDS HAS TO BE DEDUCTED ON RS. 50,000/-
TDS willbe applicable under Section 194J and rate willbe 10.3%
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