WebOct 2, 2024 · Section 194J of the Act originally provided for deduction of income tax from the payments made towards fees for professional or technical services at the rate of 10%. A new category was added wherein TDS @ 2% was provided by Finance Act 2024. The amendment has reduced the rate of TDS for payments made towards ‘fees for technical … WebJan 22, 2024 · Section 194J allows for a 10% TDS deduction. However, since Section 206AA applies, the TDS rate will be 20%. Mrs Neha would withhold ₹20,000 as TDS. Section 206AA – Applicability Of Lower Tax Deduction Section 197 allows for a lesser or zero TDS deduction. A taxpayer may apply under Section 197 for a reduced or zero TDS deduction.
TDS rates on salary, interest and other incomes for FY 2024-23
WebMar 17, 2024 · The rate of TDS as per Section 194C is 1% if the receiver is an individual or HUF and 2% in all other cases. Payment to transporters attracts NIL of TDS. In case the receiver does not furnish PAN, TDS will be deducted at the rate of 20%. What if TDS is not deducted on contractor? WebTDS or Tax Deducted at Source is a critical tool for the purpose of Income Tax collection. By means of it, the government collects tax from a person’s income at the time it is … portlethen industrial estate
TDS u/s 194J not deductible on payment to contract teachers
WebJul 10, 2024 · (1) What is Section 197 of Income Tax Act, 1961? Section 197 of the Income Tax Act, 1961 allows the taxpayer the facility of NIL or Lower tax rate deduction of TDS (or TDS exemption). In order to apply for this you need to … WebFeb 7, 2024 · Updated TDS Rate Chart for FY 2024-23/AY 2024-24. TDS (Tax Deducted at Source) is a type of tax introduced by the Income Tax Department of India to minimise tax evasion. It is applicable on various … WebMar 3, 2024 · 194-P. Rs 3 lakh or Rs 5 lakh (in old tax regime) or Rs 2.5 lakh (in new tax regime) Normal slab rate. Purchase of Goods. 194Q. 50 Lakh. 0.1. *From April 1, 2024, … portlethen handyman