194j aplicablity

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2012 Dear All,

Could any one told me about applicablity for 194J

1) we are having 4 to 5 divisions then 30000 limit would applicable each division or whole group 30000 only..

Amol S Joglekar

Amol S Joglekar (Expert)
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24 April 2012 01. The limit of INR 30,000 is per entity. Hence it is applicable to whole group. 02. In the case of PSU banks, Income Tax department has allotted separate TAN to branches. In that case it will be per branch, per entity. 03. After the successful implementation of CBS in banking, the payments are CENTRALLY made and hence the per branch limit of INR 30,000 has ceased to exist.

Mihir Doshi

Mihir Doshi (Expert)
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24 April 2012 Agree with Mr. Amol. Concept of Income tax applies at Entity level - (assessee level). If Section applies for Branch, Division or Department level then there will be point of tax planning. INR 30,000/- will be applicable to assessee irrespective of any number of branches or division.

Thanks
Mihir Doshi

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