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Tds on professional service

02 June 2018

hi can anybody tell me plz i have paid rs 20000 for professional fees in march 2018. and in that case i need not deduct tds in f.y. 2017-18 as professional charges does not exceeds rs 30000 in f.y. 2017-18... am i right sir/ mam . plz reply me

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9 Replies

Ashiwini Ballodia (Managing Partner at TAXounting) (8727 Points)
Replied 02 June 2018

You are 100% right Mr.Rajkiran Ji

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Swadhin Sahoo (18 Points)
Replied 02 June 2018

Sir,
A asaesee needs to deduct tds u/s 194j for professional services @ 10% only if the total value of service received from the service provider exceeds 30,000
but if the service provider is a non-resident then tds @ 20% has to be deducted

RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 03 June 2018

You are exactly correct Mr Rajkiran..

Rajkiran Ghosh (479 Points)
Replied 03 June 2018

sir this rs 30000 means in a particular financial year fom april to march total amount of professional service exceeds of rs 30000....am i right sir????

RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 03 June 2018

Yes... You are correct.

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Rajkiran Ghosh (479 Points)
Replied 03 June 2018

ok sir thanks

RAJA P M ("Do the Right Thing...!!!") (127911 Points)
Replied 03 June 2018

You are Welcome...

Rajkiran Ghosh (479 Points)
Replied 03 June 2018

and sir one more thing if i pay rent in a particular month of rs. 40000 and i come under tds act 194 IB in that case i need not deduct tds as my monthly rent doesnot exceeds of rs 50000 per month...am i right sir??? plz reply me