Is TDS applicable on 194C?
Is TDS applicable on 194C?
Rate Of TDS As Per Section 194C TDS of 2% of the amount will be deducted from any payments or credits made to any party other than resident individuals or Hindu Undivided Families (HUFs) No TDS will be deducted from any payments or credits made to any transporters.
What is 194C section for TDS?
What is Section 194C? Section 194C states that any person responsible for paying any sum to the resident contractor for carrying out any work (including the supply of labor), in pursuance of a contract between the contractor and the following: The Central Government or any State Government.
Who is liable to deduct TDS under 194J?
Who is Liable to Deduct TDS Under Section 194J? Everyone except an individual/HUF who is liable to make the following payments to any resident is liable to deduct TDS Under Section 194J: Fees for professional services and for technical services or.
What is the difference between professional and technical services?
Professional services – Services of doctors, chartered accountants, tax consultancy services, project monitoring services etc. Technical services – Computer development software, Bio technical services, geological and scientific services etc.
What is Deductees and non company Deductee in TDS challan?
(0020) Company Deductee – if the TDS has been deducted against payment to a Company. (0021) Non-Company Deductees – if the TDS has been deducted against payment to any other person other than a Company (i.e. Individual Sole Proprietor, Partnership Firm, HUF)
What is the threshold limit for 194C?
In a scenario where, credit or payment to a contractor under TDS Section 194C is below TDS threshold limit of INR 1,00,000 in aggregate in a financial year and single transaction threshold limit INR 30,000, TDS will not be deducted.
Who is responsible for tax deduction u/s 194C?
Section 194C Explained According to the Section 194C of the Income Tax Act, any individual making a fee to a residential individual, who carries out ‘work’ as a contract between the ‘specified individual’ and the ‘resident contractor,’ is obliged and required to deduct TDS (Tax Deducted At Source).
What is 194J A & 194J B?
(i) Section 194J(A) of the Income Tax Act is related to TDS deduction on any sum paying as fees for Technical Services. (ii) Section 194J(B) of the Income Tax Act is related to TDS deduction on any sum paying as fees for Professional Services. 4. Distribution or exhibition of cinematographic films.
Under what circumstances TDS u/s 194J is not deductible?
Individuals and HUFs carrying on business, where the turnover or gross receipt does not exceed Rs. 1 crore in the previous year shall not deduct TDS u/s 194J. Individuals and HUFs carrying on profession, where the gross receipts do not exceed Rs. 50 lakh in the previous year shall not deduct TDS u/s 194J.
What is professional services as per section 194J?
“Professional services” means services rendered by a person in the course of carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or advertising or such other profession as is notified by the CBDT for the purposes of section …
What is the difference between company Deductees and non company Deductee?
Solution – If the deductee is individual say you or me , then it is non company deductee ….on the other hand if the TDS deducted was for a company say abc ltd , then it is a company deductee ….. If the income tax paid is for individuals /HUF ETC etc , then it will be income tax for other than companies …
What is 0020 company Deductees?
https://www.youtube.com/watch?v=UF7o78pHK0I
