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Tds on professional fees

Yashvakharia (Student CA Final ) (50 Points)

29 May 2014

tds on professional fees based on transaction or limit per year?

I want information on every contract cover under sec.194C & RESPECTIVE RATE, please give me a link .

THANKS IN ADVANCE.

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7 Replies

(Guest)

i had posted links ..but dont know why my msg is not shown here

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Pooja Mundra (Article Assistant) (43 Points)
Replied 29 May 2014

TDS on Professional fees is deducted transaction wise.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 29 May 2014

if payment of professional fees exceed 30000 for a year then tds @ 10% is reqd. to be deducted on all payments made during the year.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 29 May 2014

tds u/s 194c is reqd. to be deducted when payment is in excess of 30000 in case of a single payment or 75000 in case of aggregate of payments during the year. in case of individuals and huf @ 1% and in other cases @ 2%.

Trainee (Accounts Executive) (325 Points)
Replied 30 May 2014

What do u mean by transaction wise??..Pooja Mundra

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Pooja Mundra (Article Assistant) (43 Points)
Replied 30 May 2014

Transaction here mean that if professional fees payable in a year crosses threshhold i.e. 30000, deduction of TDS on professional charges is compulsory.

To determine threshhold Professional fee for each party should be taken individually.

Thanks