13 May 2016
I have entered into a contract with a consultancy service company to provide professional work now under which section I should deduct Tds as the total value per year was 850000
13 May 2016
As per the provisions of Section 194 J you need to deduct tax at source. The provision under section 194 J states - any person, other than in individual or a HUF, who is responsible for paying to a resident any sum by way of Fees for professional services, Fees for technical services, any remuneration or fee or commission by whatever name called paid to a director, which is not in the nature of salary (w.e.f. 1.7.2012) Royalty, any sum referred to in clause (va) of section 28 which relates to non-complete payment, or Shall deduct income tax on income comprised therein.
CAclubindia
