Difference between section 194 c and 194 j
WebJul 12, 2024 · Section 194IB: Any person, being an individual or a Hindu undivided family (other than those referred to in the second proviso to section 194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent of ... WebJan 22, 2024 · – Tax deduction rate for u/s 194J (a) is 2% and for 194J (b) is 10% – In case of payee fails to furnish PAN, he will be liable to pay TDS at the rate of 20% Threshold …
Difference between section 194 c and 194 j
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WebJun 15, 2024 · Section 194C covers supply of labour also. Payments to recruitment agencies are in the nature of payment for services. Accordingly, provisions of section … WebApr 11, 2024 · Earlier Sec 197 covers only the following income reported under Sec 192, 193, 194, 194A, 194C, 194D, 194G, 194H, 194-I, 194J, 194K, 194LA, 194LBB, 194LBC, 194M, 194-O. ... Section 9 of the Income Tax Act provides for income which is deemed to accrue or arise in India. ... This means that counterparties settle the difference between …
WebExplanation.—For the purposes of this section,— (i) "specified person" shall mean,— (a) the Central Government or any State Government; or (b) any local authority; or (c) any corporation established by or under a Central, State or Provincial Act; or (d) any company; or (e) any co-operative society; or (f) any authority, constituted in India by or under any …
WebMar 28, 2024 · Now 2 Rates for TDS under Section 194J 10% and 2%. Here we will discuss amendment made in Section 194J in Finance Act 2024 as per Budget Announced on 1 Feb 2024. These changes are applicable from Financial Year 2024-21 (Assessment Year 2024-22) Currently TDS is deducted under Section 194J At 10% on following … WebAug 3, 2024 · Section 194J of the income tax covers TDS deduction on fees for professional or technical services. This section covers doctors, accountants, engineers, interior designers, architects and also people associated with advertising field. In this guide will explain you the all the provisions related to section 194J of the income tax.
WebJan 29, 2024 · Section 194J provides for deduction of income tax from the payments made towards fees for professional or technical services at the rate of 10 per cent. The rate of …
WebDec 25, 2024 · As per the Income Tax provisions of section 194C, payment made by a person to a resident person for carrying WORK under a contract between the ‘specified … kia ora torringtonWebJul 8, 2024 · TDS Under Section 194J (a) & 194J (b) The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two … kia ora with macronWebDec 25, 2024 · Read Also: TDS on Rent in Income Tax – Section 194-I & Section 194-IB. Time of Deduction of TDS. The Deductor is required to deduct TDS under Section 194C at the time earlier of the following dates – Credit of sum to the account of the Contractor; or; Payment in cash or cheque or draft or any other mode. TDS rate on Contract under … is mace michaels marriedWebOct 2, 2024 · As per the utility of e-TDS provided, section code 194JA is assigned to denote deduction of tax under section 194J @ 2% whereas section code 194JB is assigned to … is mace illegal in ukWebJan 3, 2024 · Under section 194 I, TDS shall be deducted when the rental amount is Rs.2,40,000 Per Annum. Under section 194 IB, TDS shall be deducted when the rental amount is Rs.50,000 Per month i.e. Rs.6,00,000 Per Annum. 3: Rate of TDS: TDS shall be deducted at the rate. 2% on plant and machinery and 10% on Land and building or … is mace legal in oregonWebApr 13, 2024 · Under Section 194J, Rs.30,000 is the maximum limit which is applicable to each item or payment independently. TDS under this section is also applicable on commission or remuneration or fees given to a company's director, even though the amount is not a part of the main salary. In these cases, the Rs.30,000 limit is not applicable. kia ora thunder bay phone numberWebFrom when are the provisions of Section 194Q applicable? The provisions of Section 194 Q are made applicable with effect from July 1st, 2024. Point of Taxation: TDS shall be deducted (i) at the time of credit of such sum to the account of the seller or (ii) at the time of payment thereof by any mode; whichever is earlier. kia ora thunder bay red river road