What is the threshold limit for 194J?
Rs. 30,000
Since the limit did not exceed for the first time, No TDS should be deducted at Rs. 10,000. However, the transaction amount exceeds the threshold limit of Rs. 30,000 (for professional services) while making payment for the second time.
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 monetary limit per annum beyond which TDS provisions are applicable in case of caterers?
b) The current applicable limit is Rs. 10,000 in a financial year. This has been increased to Rs.
Can HUF do professional services?
No TDS under Section 194J, if fee for professional services is for the personal purposes of the individual or HUF : No individual or Hindu undivided family shall be liable to deduct income-tax on the sum by way of fees for professional services in case such sum is credited or paid exclusively for personal purposes.
What is difference between 194J & 194JB?
As per the utility, section code 194JA is assigned to denote deduction of tax under section 194J @ 2%. Similarly, section code 194JB is assigned to denote deduction of tax under section 194J @ 10%.
What is the threshold limit for TDS?
For the assessment year, 2020-2021 the exemption limit for an individual is Rs 2,50,000. Section 194B – TDS on winning from lottery, crossword or any game: A TDS of 30% is deducted from any amount received by the way of lottery, crosswords or any other game if the amount exceeds Rs. 10,000.
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 the exemption limit under section 194j?
The minimum TDS exemption limit specified under Section 194J as of AY 2019-20 is Rs. 30,000 per annum for all individuals and entities including call centres designated to be providers of professional/technical services.
Is there limit on TDs on professional services you / s 194j?
Response: TDS provisions u/s 194J would not get attracted since the limit of ₹ 30,000 is applicable for fees for professional services and fees for technical services separately. Assuming that no other payment was made to Mr. Anil Kumble during the P.Y. 2020-21.
What are the penalties under section 194j of the Income Tax Act?
Section 194J of the Income Tax Act, 1961 mentions various penalties in case an individual or entity availing services forgets to deduct TDS while making the payment or delays the TDS payments to the government. The following are some of the penalties that may be applicable:
What does professional services mean under section 194j?
As per Explanation (a) to section 194J, professional services include services rendered by a person in the course of carrying on such other profession as is notified by the CBDT for the purposes of section 194J.