Section 194J – Fees for professional or technical services
Section 194J – Fees for professional or technical services
New section codes 194J (a) and 194J (b) are added in Form 26Q, Same should be applicable for statements pertains to FY 2020-21 onwards 194J (A). The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, 194J(a) and 194J(b), effective from August 7 2020. u/s 194J(a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J(b) of the Income Tax Act is related to TDS deduction on fees for Professional Services. Every person excluding an individual or a HUF, making payment to a resident for notified services, will be covered u/s 194J(a) & 194J(b) in the Income Tax Act.
Check in excel template
Hope this Helps
Related Articles
ExpressTDS || Process to Prepare and File 27EQ TDS Return
Form 27EQ is used to report Tax Collected at Source (TCS) on the sale of goods. Additionally, it is applicable for reporting withholding tax on specific types of income payments made to non-resident entities, including interest, dividends, royalties, ...TDS- Deductions under Section 80U
TDS- Deductions under Section 80U In computing the total income of an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability, there shall be allowed a deduction of ...TDS || Download TDS Return Receipt
Upon successful generation and uploading of the return on the portal, it is imperative to obtain the TDS receipt for documentation and verification purposes. Process for Download TDS Return Receipt Within the software interface, meticulously select ...Section 115BAC
Section 115BAC Section 115BAC is the newly inserted section in the Income Tax Act, 1961 that deals with the new income tax regime. This section and alternate tax regime was introduced in Union Budget 2020 and is applicable to individuals and Hindu ...TDS - Standard deduction section 16(ia)
TDS - Standard deduction section 16(ia) Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per annum ...