tds on professional fees based on transaction or limit per year?
I want information on every contract cover under sec.194C & RESPECTIVE RATE, please give me a link .
THANKS IN ADVANCE.
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Tds on professional fees
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TDS on Professional fees is deducted transaction wise.
if payment of professional fees exceed 30000 for a year then tds @ 10% is reqd. to be deducted on all payments made during the year.
tds u/s 194c is reqd. to be deducted when payment is in excess of 30000 in case of a single payment or 75000 in case of aggregate of payments during the year. in case of individuals and huf @ 1% and in other cases @ 2%.
What do u mean by transaction wise??..Pooja Mundra
Transaction here mean that if professional fees payable in a year crosses threshhold i.e. 30000, deduction of TDS on professional charges is compulsory.
To determine threshhold Professional fee for each party should be taken individually.
Thanks
Hi, When the Services rendered is in the nature of Professional or Technical then Sec 194J will apply and not Sec 194C.
Regards
Pradeep S
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