Tds on professional service

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2014 Sir,

I have received Professional Fees from one firm which is Rs. 20000/- p.m. w.e.f. 01/04/2014. and As per 194J TDS should be deducted from professional fees exceeding prescribed limit i.e. Rs.30000/- p.a. and rate of TDS is 10%.

for F.Y. 2014-15 Slab rate for individual Rs.250,000/- but there is no need to deduct tax because I am below threshold limit.

Please advice in this matter. Is there is any way to save from TDS Deduction?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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25 August 2014 but in aggregate its exceeding 30,000 p.a basis so tds is deductible and u need to file ur return and can claim tds as refund.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 August 2014 75000 p.a. ? I think you want to say 30000 p.a. which is the threshold limit u/s 194J.

You can apply for lower/nil deduction certificate but its advisable to claim the TDS deducted by filing Income Tax Return as suggested by Tushar.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 August 2014 Sanjay Sir, as you said I can apply for lower/ nil deduction certificate. it is proper or legal way to save from TDS Deduction. if it is right way then I will aply for nil deduction certificate

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 September 2014 An application for nil/ lower deduction of TDS under Section 197 is required to be made by the taxpayer to the income tax officer in Form 13.

See details from below link--

http://www.charteredclub.com/income-tax-form-13-for-applying-for-nillower-deduction-of-tds/