Section 194J: TDS on Professional/ Technical Fees @ 10%
As per Section 194J of the Income Tax Act, TDS is to be deducted @ 10% on any amount paid to any resident as:- Fees for professional services, or Fees for technical services, or Royalty, or Any sum referred in Section 28 (Discussed below) Exceptions to TDS Deduction under Section 194J No TDS should be deducted under section 194J if ...
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TDS on Commission/Brokerage – Section 194H
TDS on Commission/Brokerage is required to be deducted under Section 194H by the person making the payment by way of commission or brokerage. TDS on Commission/Broker is required to be deducted @ 10% at the time of:- Making such payment or Credit of such income to the account of the payee in the books of the person deducting such TDS ...
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Section 44AD: Income of any Business presumed to be 8%
As per the new Section 44AD of the Income Tax Act applicable from A/Y 2011-12, a taxpayer can assume his income to be 8% of his total turnover and pay tax on the income so computed. Prior to A/Y 2011-12, this section was only applicable to the business of civil construction. However, it is now applicable to all types of ...
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Mandatory Disclosure of Asset in Income Tax Return for A/Y 2013-14
The new income tax forms released by the income tax department require that all assets should be disclosed by the taxpayer in his income tax return. The condition for disclosure of assets in the income tax return is only applicable those taxpayers who satisfy both the conditions as mentioned below:- The taxpayer is earning Income from Proprietorship/ Partnership business, and ...
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TDS on Service Tax to be deducted on all payments excl Rent
As per Indian Tax Laws, at the time of making any a payment, the receiver of service is required to do 2 things:- Pay Service Tax on the services received Deduct TDS on the payment made However a confusion which has arose is whether TDS on Service Tax is also liable to be deducted or TDS on service tax is ...
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