Dear Mr. Aditya
Thanks for your reply, If any expense has been booked wrongly under the expense head how it should be ractified later on?
TDS on professional fees
Page no : 2
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 18 August 2010
Edit the previous entry or pass a rectification entry. If the expenses have been booked as professional fees then TDS deductible.
CA. BIJENDER KR. BANSAL
(ACA, B.COM)
(8148 Points)
Replied 18 August 2010
agreed with experts.
If a contract made with professional for work, then also it is covered u/s 194J.
Kuldeep
(Trainee )
(100 Points)
Replied 18 August 2010
if there is contract made with professional for services den such services fall u/s 194J and tds to be deducted @ 10%
and tds is deducted at the time of advance payment or credit in account whichever is earlier,
if you are providing advance payment of professional fee including audit expenses incurred by profesional then also you shall deduct tds on such payment because, tds is not deducted on reimbursement bill only when professional provide seperate bill for reimbursement of expenses.
if you are providing advance payment for audit expenses only , to be meet by professional then there is no need to deduct tax , but make sure that you will get seperate bill for such advance payment by professional.
hope your doubt is cleared now.
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 18 August 2010
TDS shall be deducted @ 10% u/s 194J.........
ravi jain
(CA final )
(48 Points)
Replied 19 August 2010
yes rate of TDS on professional fees is 10% under section 194J but payment is more then 20000/-
Gagan
(Trainee)
(22 Points)
Replied 20 August 2010
We deduct 10% TDS on a professional fee when we have PAN details.
20% in case PAN is not provided by the professional.
Suren
(CHARTERED ACCOUNTANT)
(397 Points)
Replied 14 December 2010
if they have been paid for expenses, FOR REIMBURSEMENT of expenses, then no TDS but if they are paid for their services charges then TDS deductible.
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