Poornima N Ramakrishna (Finance Manager) (66 Points)
07 April 2010
SUNIL GARG
(CHARTERED ACCOUNTANT)
(175 Points)
Replied 07 April 2010
Hi Poornima,
TDS on Professional Fees is deducted u/s 194J of Income Tax Act. As per the Act, TDS is to be deducted @ 20% in case the payment or credit exceed Rs. 20,000/- in a year.
The interest is calculated @ 1% p.m. from the date of default on the unpaid TDS amount.
I could not understand your query regarding form. If I am not wrong you asking about challn to deposit TDS and TDS is deposited through Challan 281.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 07 April 2010
I think TDS Rates on Professional/Technical Services u/s 194J is 10%, not 20% as stated by you.....
TDS will be deducted @ 20% if assessee do not quote his/her PAN....... Please Change it, if i am right....
and also from 1st July, 2010...... the threshold limit of deducting TDS has been increased to Rs. 30000/- for professional/technical services........ and also Interest Rate has been increased to 1.5%........ eventhough from next financial year i.e. F.Y. 2010-11.........
Pankaj
(sudent)
(91 Points)
Replied 07 April 2010
| Originally posted by : CA. SUNIL GARG | ||
 |
Dear Sir it is 10% or 20% |
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satyanarayan dash
(taxation)
(54 Points)
Replied 07 April 2010
Dear sir,
please clear my doubt that if deate of payment /credit is earlier then from date on which tax deposited, eg, date of payment is 15.10.09 and date of deposit is 7.10.09 then is it adverse effect in form 16A/16
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 07 April 2010
Dear Satyanarayan, how it can be adverse effect in form 16/16A........... while making TDS Return you need to click on the option of TDS Deducted while making book entry instead of while making payment.......... simple........ as till date of filing of TDS Return you haven't pay the amount for Rent / services provided etc.......
SUNIL GARG
(CHARTERED ACCOUNTANT)
(175 Points)
Replied 07 April 2010
Yes. Love Arora is right. The TDS rate as per 194J is 10%.
manikandan.J
(Accounts Manager)
(363 Points)
Replied 23 April 2010
hi poornima
your are required to deduct the TDS u/s 194J 10% and While payment made on the date you required deduct the TDs and pay next month of 7th of every month this is conditions there is no required paid the interest, your are not deduct the TDS and paid with in time limit default it is attract 1% of interest in every month
manikandan.J
(Accounts Manager)
(363 Points)
Replied 23 April 2010
hi
plz go through following website you get the TDS Returns forms and procedures and get free software
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 23 April 2010
Yes, TDS will be deducted @ 20% as specified in Income Tax U/S 194J, if amount exceeds Rs 20000.
And interest will be charged @ 1% per month
CAclubindia
