in case of TDS on profession, when we should deduct TDS?
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TDS on Profession
Replies (10)
An individual should deduct TDS @ 10 percent while making payment to resident for professional fees. Limit is 30000 in a fiscal year.
At the time of Payment or At the time of Billing received which is earlier...
Section 194J does not apply to individuals (not under 44AB audit)
TDS has has to be deducted @ 10% at the time of credit of such sum or payment whichever is earlier.
No TDS upto 30000/- payment to each Professional in FY.
TDS has has to be deducted @ 10% at the time of credit of such sum or payment whichever is earlier.
No TDS upto 30000/- payment to each Professional in FY.
TDS @ 10% Should be deducted for payments exceeding Rs.30000/- in an year at the time of payment or credit whichever is earlier.
Yes... I fully agreed to CA Kalyani mam's reply which is based on query without confusion...
Good Luck @ CA Kalyani...
Keep it Up...
Good Luck @ CA Kalyani...
Keep it Up...
Thank you so much Raja P M sir
You are most welcome Mam...
Which types of credit taken here? Kindly clear .
Which types of credit taken here?
- Don't be confuse the word of CREDIT in above said replies. It's a accounting language like Debit & Credit...
The said CREDIT means accountability of the professional bills in Your account...
- Don't be confuse the word of CREDIT in above said replies. It's a accounting language like Debit & Credit...
The said CREDIT means accountability of the professional bills in Your account...
Here the word CREDIT means in your books you debit Professional expenses and credit to Professional. But payment is made at a later date. That's why TDS is on date whichever is earlier.
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