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Tds on professionals

Athira Suresh (17 Points)

30 July 2020

which rate applicable for prof.for the month july 2020...10 % or 7.5%

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Sandeep shetty (Sr Accountant) (292 Points)
Replied 30 July 2020

Hi,

U/S 194J its 7.5% Applicable from 14/05/2020 to 31/03/2021

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sabyasachi mukherjee (27781 Points)
Replied 30 July 2020

For professionals sec 194 j threshold remains same
rate 10%

a seperate nature of work where they can appeal to the income tax commissioner appeals.
It's under technical service...

annu Goyal (1102 Points)
Replied 30 July 2020

As per sec 194J rate is notified as 10% but for FY20-21 it's 7.5%

sabyasachi mukherjee (27781 Points)
Replied 30 July 2020

THANKS ANY NOTIFICATION FOR THE REDUCED RATE ...

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 30 July 2020

Refer Central Board of Direct Taxes Press release dated.13th May, 2020 regarding Reduction in rate of Tax Deduction at Source (TDS) & Tax Collection at Source (TCS)

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sabyasachi mukherjee (27781 Points)
Replied 30 July 2020

Its special for covid 19

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 30 July 2020

Yes,In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of Tax Deduction at Source (TDS) for the non-salaried specified payments made to residents has been reduced by 25% for the period from 14th May, 2020 to 31st March, 2021.

Therefore, TDS on the amount paid or credited during the period from 14th May 2020 to 31st March, 2021 shall be deducted at the reduced rates specified in Notification.

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