I have paid Rs 5000/- as consultant fee for 7 months, but didn't deduct TDS from him for last financial year. Now I came to know that there is 30000 limit. Is that correct? If so how should I pay TDS for last financial year for consultant fee?
Menu
Regarding tds
Replies (3)
Check the applicability of the proviso of the section 194J, if applicable in your case or not......
Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which such sum by way of fees for professional services or technical services is credited or paid, shall be liable to deduct income-tax under this section :
one time 30000 and in one fy more than one lac limit
The 30k limit is single bill or Single payment...
Otherwise if the fees exceeding Rs 1lakh in FY then TDS should be deductible u/s 194J.
Otherwise if the fees exceeding Rs 1lakh in FY then TDS should be deductible u/s 194J.
Recent Topics :
- ITC availed on 5%-rate passenger transport (AC bus
- Extension of Due Date of AY 2026-27
- FAST DS 2026
- Does AIS GST Purchase aggregate GSTR-2B expenses?
- Form 26A - System has encountered some technical p
- Tool to convert GST invoice PDFs into Excel —
- Revised or rectification or leave it?
- Private limited tax audit
- LTCG - SEC54
- Foreign remittance from our client for Co Working
Related Topics :
CAclubindia
