Section 194J – TDS on Professional Fees or Technical Services

As per section 194J of Income tax act 1961, a person is required to deduct TDS  @ 10% on following payments paid to a resident in excess of Rs. 30,000 during a financial year; Fees for professional services; or Fees for technical services; or Royalty; or Non-compete fee as referred under section 28(VA) of income … Read More » "Section 194J – TDS on Professional Fees or Technical Services"

TDS under section 194D – Insurance Commission

Section 194D deals with TDS on insurance commission. It’s applicable to any person responsible for paying any income to a resident by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business including business relating to the continuance, renewal or revival of policies of insurance. Such person … Read More » "TDS under section 194D – Insurance Commission"

TDS on contracts – Section 194C of income tax act, 1961

Any person responsible for making any payment to a resident contractor for a contact to carry out any work or in connection to a contact for carrying out any work has to deduct TDS under section 194C of income tax act, 1961. Section 194C is also applicable to a sub contractor and any contractor supplying … Read More » "TDS on contracts – Section 194C of income tax act, 1961"

How to deduct correct TDS from salary and non salaries items

Income Tax Act directs specified persons to deduct tax from payments which has been specifically required to deduct income tax at the rates specified there in. Different rates are specified for different type of payments to deduct TDS. TDS from salary is deducted by an employer from the salary of employee and deposited in the … Read More » "How to deduct correct TDS from salary and non salaries items"

What is TDS Certificate -Form 16 or 16A

TDS certificate is to be issued by each deductor who is deducting income tax and to be furnished to the person from whose income / payment the Income tax has been deducted. The TDS certificate should specify the amount of tax deducted and the rate at which it has been deducted. Its significance to the … Read More » "What is TDS Certificate -Form 16 or 16A"

Time limit for payment of TDS

Time and Mode of Payment to government account of tax deducted at source or tax paid under sub-section (1A) of Section 192 are below; All sums deducted ( TDS ) in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐ … Read More » "Time limit for payment of TDS"