TDS Rates for FY 2022 23 AY 2023 24 The rates for TDS for Financial Year 2022-2023 are provided by the Income Tax Act, 1961. TDS Rate chart for Financial Year 2022-2023{Corresponding to Assessment Year 2023-2024} along with the relevant sections under which TDS needs to be deducted as per Financial Year 2022-2023 are given … Read more
Section 192 of Income Tax Act – TDS on Salary Section Applicability of TDS under Section 192 Any person responsible for paying any income chargeable under the head “Salaries” (hereinafter referred to as, “the Employer”) shall at the time of payment, deduct tax at source on the amount payable at the average rate of income-tax computed … Read more
Introduction – TDS on Advertisement Agencies – Section 194C Section 194C provides for TDS to be deducted on payment made to advertising agencies. TDS on advertisement agencies is required to be deducted under Section 194C of Income Tax Act, 1961 (hereinafter referred to as the “Act”) Below mentioned are a few key points of this concept. What are ‘advertising agencies’ … Read more
Introduction – TDS on AMC Charges (Annual Maintenance Charges) Section 194C mandates deduction of TDS on payments made for Annual Maintenance Charges or AMC Charges. Under Section 194C of the Income Tax Act, 1961 (hereinafter referred to as the “Act”), you must deduct TDS on AMC charges. When a person makes a payment to the … Read more
The following points shall be covered under this Article “Section 194J of Income Tax Act – TDS on Professional Fees/Technical Fees” : Section 194J of Income Tax Act, 1961 Timing of deduction of TDS Rate of TDS No deduction of Tax under section 194J of Income Tax Act TDS deduction by Individual/ HUF TDS on … Read more
Who is required to make TDS payment ? TDS Online Payment – Under the provisions of Income Tax Act, 1961, various person, who could be individuals, HUF, partnership firm, LLP, company or other forms of assessee , are required to deduct TDS from payments, which may be made to various resident and non resident recipients … Read more
Section 194EE – Payment in respect of deposit under national savings scheme, etc. Key aspects to be considered for TDS under Section 194EE of the Income Tax Act are as under : – Issues Which Payor are liable to deduct tax under Section 194EE of Income Tax Act ? Who should be the Recipient . … Read more
Section 193 of Income Tax Act provides that the person responsible for paying to a resident, any income by way of interest on securities , shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque … Read more
TDS on professional charges is required to be deducted under Section 194J of Income Tax Act 1961. Rate and Amount for deduction of TDS The rate of TDS is as under : – TDS shall be deducted @ 10%. No Surcharge and Higher Education Cess (“HEC”) shall be added to the 10% rate. TDS @ 20% shall be deducted … Read more
Introduction – TDS on consultancy charges When a payment is made to a person for rendering a professional or technical service, etc., TDS on payment of availing of such services will be deducted under Section 194J of the Income Tax Act 1961. Let’s understand the concept of TDS to be deducted on consultancy charges in detail. … Read more