194j query

Page no : 2

CA sagar satish parab (service) (50 Points)
Replied 22 October 2011

TDS IS TO DEDUCTED ON RS.55000/- WITHOUT ANY REDUCTION OF RS. 30000/-

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CA Ksheerabthi Nathan (CA in practise) (167 Points)
Replied 23 October 2011

tds is to be deducted on 55000

Pulkesh Mehta (Chartered Accountant) (243 Points)
Replied 23 October 2011

Rs.30000/- is the Limit u/s 194J,if receipt during the year exceeds Rs 30000/-,TDS provisions will be applicable retrospecively i.e. in ur ex.-on Rs 55000/-.

Vineet Jain (Article) (32 Points)
Replied 23 October 2011

Bro its threshold limit not exemption limit. so TDS will be deducted on d whole amount i.e. 55,000/-

SANKARA NARAYANAN (ACCOUNTANT) (57 Points)
Replied 23 October 2011

TDS. to be deducted on whole amount.

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CA SACHIN BANSAL (ABC) (46 Points)
Replied 24 October 2011

Dear

TDS will be deducted on the whole amount i,e. on Rs. 55000/- @ 10% under section 194J.

Thank You

Umesh (1) (174 Points)
Replied 24 October 2011

limit of TDS on Professional Fee is Rs. 30000/-. If Professional Fee will be less than or equal to Rs. 30000/- in FY then No TDS will be deducted. If Professional Fee will go beyond that you must deduct TDS on Full amount

ca uday kumar sah (accounts officer) (21 Points)
Replied 24 October 2011

threshold limit for 194j is 30000/- now. it means if professional fees is less than Rs.30000 p.a., than no tds required to be deducted. and if professional fees exceed Rs.30000 p.a. than tds required to be deducted on entire amount.

so in given situation tds is required to be deducted on entire 55000/-

Rahul Gupta (Chartered Accountant) (644 Points)
Replied 24 October 2011

WHOLE AMOUNT rS. 55000/-

(Guest)

Rs 30,000 is to be seen on fy basis, therefore deducted on whole amount.

first payment 10,000 no tds

second payment 50,000 deduct tds on 60,000

thanks

https://taxbykk.blogspot.com/

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B.Vithal (Audit assistant) (30 Points)
Replied 24 October 2011

Well bro I suppose you have quite a no. of replies for your query.Let us take a new turn for your example.Say the amount of professional fees also includes Service Tax amount claimed by the professional.Then in this case, TDS u/s 194J shall be applicable for the gross amount (including Service Tax )charged in bill(s).Service Tax amount shall not be left out in any case while calculating TDS u/s194J.

Ex: Bill amount - Rs.49,864.00

Service Tax @ 10.3% Rs. 5,136.00

Gross Amount Rs.55,000.00

TDS u/s 194J shall be applicable on Rs.55000.00. Not on Rs.49864.00

Thanks