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TDS on Profession

Ghanshyam Lohar (ACCOUNTANT) (60 Points)

26 September 2019

in case of TDS on profession, when we should deduct TDS?

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10 Replies

Priyanka Chauhan (Student CA Final ) (22 Points)
Replied 26 September 2019

An individual should deduct TDS @ 10 percent while making payment to resident for professional fees. Limit is 30000 in a fiscal year.

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 September 2019

At the time of Payment or At the time of Billing received which is earlier...

Kapadia Pravin (17259 Points)
Replied 26 September 2019

Section 194J does not apply to individuals (not under 44AB audit)

TDS has has to be deducted @ 10% at the time of credit of such sum or payment whichever is earlier.

No TDS upto 30000/- payment to each Professional in FY.

Kalyani (Chartered Accountant) (181 Points)
Replied 26 September 2019

TDS @ 10% Should be deducted for payments exceeding Rs.30000/- in an year at the time of payment or credit whichever is earlier.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 September 2019

Yes... I fully agreed to CA Kalyani mam's reply which is based on query without confusion...

Good Luck @ CA Kalyani...
Keep it Up...

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Kalyani (Chartered Accountant) (181 Points)
Replied 26 September 2019

Thank you so much Raja P M sir

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RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 September 2019

You are most welcome Mam...

Ghanshyam Lohar (ACCOUNTANT) (60 Points)
Replied 26 September 2019

Which types of credit taken here? Kindly clear .

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 September 2019

Which types of credit taken here?

- Don't be confuse the word of CREDIT in above said replies. It's a accounting language like Debit & Credit...

The said CREDIT means accountability of the professional bills in Your account...

Kapadia Pravin (17259 Points)
Replied 27 September 2019

Here the word CREDIT means in your books you debit Professional expenses and credit to Professional. But payment is made at a later date. That's why TDS is on date whichever is earlier.