17 July 2013
please tell me About Applicability of TDs Deduction U/s 194J on payments as fees to bureau of energy efficiency established by central govt
17 July 2013
As per Section 194J of the Income Tax Act, TDS is to be deducted @ 10% on any amount paid to any resident as:-
1.Fees for professional services, or
2.Fees for technical services, or
3.Royalty, or
4.Any sum referred in Section 28 (Discussed below)
Exceptions to TDS Deduction under Section 194J
1.No TDS should be deducted under section 194J if the amount paid or likely to be paid during the financial year does not exceed Rs. 30,000.
2. TDS is liable to be deducted by all class of persons except Individuals and HUF. However, if such Individual/HUF is liable to get his tax audit conducted under Section 44AB for the previous financial year, this exception won’t be applicable and they would also be required to deduct TDS under Section 194J.
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