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Last Updated On 07-May-2024
Tax

TDS deduction for one time expert advisory

I had a telephone interaction as a marketing expert with a client. The platform has charged TDS of 10% on the fees payable to me, which is in excess of 30,000. Is this applicable to me? What is the actual rate of TDS?

( Mumbai suburban, Maharashtra )

06-May-2024

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A.
Dear Client,

Under Section 194J of the Income Tax Act, any entity except individuals or Hindu Undivided Families, paying a resident for professional or technical services, must deduct TDS at a rate of 10% from the payment. The threshold for TDS under this section is Rs. 30,000 per financial year, calculated separately for various categories like professional fees, service fees, non-competence fees, and royalties.
Posted On 07-May-2024
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A.
Dear Client,
According to Section 194J of the Income Tax Act, any person (other than an individual or a Hindu Undivided Family) making payment to a resident for professional or technical services is required to deduct TDS at the rate of 10% of the amount paid or credited to the recipient. The threshold limit for TDS under Sec.194J of the Act is Rs.30,000/- in a financial year and is calculated individually for categories across TDS on professional fees, service fees, non-competence fees and royalties. Reach out to a CA or a Tax Consultant for more clarifications on the subject and steps.
Posted On 07-May-2024
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