No Tags Found!


Kainer
On what minimum amt can we deduct TDS for consultancy fees?
From India, Hyderabad
Dinesh Divekar
7879

Dear Kainer,
TDS for providing consulting services is covered under Section 194J of IT Act, 1961. If the amount paid exceeds Rs 30,000/- for individual professional and Rs 10,000/- for the company then TDS @ 10% is deducted.
Few companies, deduct TDS even if the amount paid is far lower for individual professional say Rs 5,000/- They do it because they don't have to remember whether amount exceeded Rs 30,000/- or not. However, it increases their monthly work of inclusion of this amount in their monthly return.
Thanks,
Dinesh Divekar

From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.