Section 194DA as per the Income Tax Act, 1961 contains the guidelines regarding the taxation on Insurance commissions and fees. Take a look below at our comprehensive packages, curated for an escape that’s easy to plan yet impossible to forget. kalyan says: ... weather tds is to be deducted on renewal of software fees. Basheer PM Hi, We have purchased 500 Software Licence for our own use. The IRDAI has issued a direction to all the stand-alone health insurers and general insurance companies regarding premium payment for renewal of Health Insurance policies. Old Query - New Comments are closed. by different user at a time … Top Members. Cash deposit transaction limit for sb and current bank account, Whether 'tips' received fall within the meaning of "Salaries" to attract TDS under section 192. The TDS Objective Information Operational Notes Honorary Advisors. Computer Type. TDS on License Fees will be deducted @10% u/s 194J. In these cases, the ₹30,000 limit is not applicable. *Please delete as appropriate Cheque (Made payable to Kapashera Delhi,Dwarka More Delhi,Shahadra Delhi, Rajapuri Delhi,Sadh Nagar Delhi, Haldwani,Sonipat , Our website every sunday 2 A.M. to 10 A.M under mentenence. In case the initial application has been submitted between April and September, for the purpose of renewal it will be assumed that the intermediary was registered for the whole of that financial year. Are You Looking At A Career As A Finance Adviser? Renew TSS from Tally.ERP 9 To renew TSS from Tally.ERP 9 1. 05 March 2010 Thanks for the answer But if the licence fees is purchased every month or yearly, then alos it will be 194J or it will be 194C Please Reply … Twitter - @knowyourgst, For product information - Whatsapp for quick response Related Articles. of Users. Available to US citizens, nationals and LPRs. Any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company. • On-site wedding coordinator service • Ceremony location • Commemorative certificate (non-legal) Extract of Section 194J of Income Tax Act, 1961, 194J. Any person not being an individual or a HUF who is responsible for paying to a resident by way of fees for professional or technical services royalty and any sum referred to clause (va) of section 28 is liable to deduct tax at source in case aggregate of the amounts of such sums credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the … Content of this website is published and managed by Bureau of Indian Standards, Ministry of Consumer Affairs, Food & Public Distribution, Government of India Tk. Example: Firm XYZ paid ₹ 25,000/- as fees for technical services and ₹ 20,000/- as professional charges to Mr. Red. E. Email intimation for renewal done A system-generated email for the facility renewed along with the payment details and the validity period will be sent on registered email ID of the entity once the online renewal request is authorized by NSDL e-Gov. Explanation.—For the purposes of this section,—. 30,000: 2% (for FTS- 10% upto FY 19-20) 1.5%: Remuneration or fees to Director (other than 192) NIL: 10%: 7.5%: Royalty: Rs. 1. Tenancy Deposit Scheme (TDS) is a Government-approved scheme for the protection of tenancy deposits; TDS offers both Insured and Custodial protection and also provides fair adjudication for disputes that arise over the tenancy deposits that we protect. Is TDS applicable on Membership Fees & Subscription Fees. As GS1 India, we don't store any Credit Card/Debit Card/Internet Banking information. (1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any sum by way of—, (ba) any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company, or. Showing Replies 1 to 1 of 1 Records. Use the Technical Data Sheet (TDS) to apply. Click here for further information related to Online Transaction Charges. Whatsapp-8448440601 to open Franchisee However, section 195 requires deduction of tax at source from payment made to non-resident if such payment is chargeable to tax. if yaes then under which section and at which rate. 1 crore, Section 37 General Deductions allowed for Business & Profession, New Process to Submit Response for Income Tax Refund, Section 35AD Deduction towards expenditure on specified business, Section 35ABB – Deduction towards expenditure incurred for obtaining a licence for operating telecommunication services, ‘Address of delivery’ & ‘Address on record’ under GST, Bombay HC stayed provisional attachment of bank accounts noting assessee’s cooperation, Gujarat HC grants regular bail to assessee arrested for offences punishable under Section 132(1)(a) of CGST Act, Join Detailed Online Certification Courses on GST. 30,000: 10%: 7.5%: Non-compete fees: Rs. > Reimbursement of expense– TDS not liable to be deducted on pure reimbursements when separate bill is raised. To be more specific this is still debatable, CBDT has clarified that there is no need to deduct tax on purchase of software and similar order was passed by Madras high court. Find out TDS Rates on FD, Immovable Property, EPF, services, contracts & for salaried individuals, self-employed & senior citizens. The firm has paid fees of ₹ 80000 to the engineer. ... Cards under the same account must be issued together at the time of application or upon renewal. – Finance Risk Manager (FRM) Is The Course For You! When the developer or the service provider sells this product and not just provides a license to it, it is then the called as ‘professional charges’ TDS is deducted at the stage of making payment i.e. For non-payment of TDS: Under Section 201A of the Income Tax Act, interest will also be levied along with the penalty in case TDS is not paid within the due date. Telegram - @knowyourgst The tax should be deducted at the time of passing such entry in the accounts or making the actual payment of the expense, whichever earlier. by air ( payment of embarkation fee, travel tax, F.S insurance, security tax, airport tax shall not be included in the value). Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Section 194J TDS on Professional or Technical Fees, Presumptive Taxation Scheme under Section 44AE, Combined Study of Section 44AB with Section 44AD, Penalty for failure to get accounts Audited- Section 271B, Presumptive Taxation Scheme under Section 44ADA, Section 44AA, 44AB & 44AD when turnover is up to Rs. Join the largest Taxation Q&A platform on internet and ASK YOUR OWN question. In this case, the professional fees are paid to non-resident and hence, tax is not to be deducted under section 194J. HITESH KHONA (Querist) Follow. Such ₹30,000 is the maximum limit which is applicable to each item or payment independently. Zone-4, Dhaka Zone-2, Ctg. (d) any sum referred to in clause (va) of section 28. shall, at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to 55[two per cent of such sum in case of fees for technical services (not being a professional services) or royalty where such royalty is in the nature of consideration for sale, distribution or exhibition of cinematographic films and ten per cent of such sum in other cases,] as income-tax on income comprised therein : Provided that no deduction shall be made under this section—, (A) from any sums as aforesaid credited or paid before the 1st day of July, 1995; or, (B) where the amount of such sum or, as the case may be, the aggregate of the amounts of such sums credited or paid or likely to be credited or paid during the financial year by the aforesaid person to the account of, or to, the payee, does not exceed—, (i) thirty thousand rupees, in the case of fees for professional services referred to in clause (a), or, (ii) thirty thousand rupees, in the case of fees for technical services referred to in clause (b), or, (iii) thirty thousand rupees, in the case of royalty referred to in clause (c), or. My Query is should we deduct TDS while making payment to the Vendor ?. 3. > TDS u/s.194J not to be deducted on subsequent sale of software without modification– Notification No.21/2012 dtd. 500/- for Dhaka (North Respective Zone 15 Renewal of trade license by City Corporation or Paurashava [52K] City Corporation or Paurashava. Copyright © TaxGuru. Also, the TDS return details must include information on the total TDS deducted, payment to the government on that particular quarter etc. (iv) thirty thousand rupees, in the case of sum referred to in clause (d) : Provided further that an individual or a Hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed 56[one crore rupees in case of business or fifty lakh rupees in case of profession] during the financial year immediately preceding the financial year in which such sum by way of fees for professional services or technical services is credited or paid, shall be liable to deduct income-tax under this section : Provided also that no individual or a Hindu undivided family referred to in the second proviso shall be liable to deduct income-tax on the sum by way of fees for professional services in case such sum is credited or paid exclusively for personal purposes of such individual or any member of Hindu undivided family: Provided also that the provisions of this section shall have effect, as if for the words “ten per cent”, the words “two per cent” had been substituted in the case of a payee, engaged only in the business of operation of call centre. Membership Renewal Fees: Adult membership RM60; Junior membership RM30. Check unlimited GST numbers with very cheap packages. Check TDS Rates Chart for FY 2020-21 & AY 2021-22. According to Section 197, the person receiving payment can apply for a reduction of rate in TDS, through filling in the Form 13 and sending it to the assessing officer. Go to Gateway of Tally > F12: Configure > Licensing > Renew TSS . The vendor has raised an invoice mentioning "Annual Subscription License Fee for 4 users, start date... and end date..... , SAC: 997331, also charged IGST @18%, My Query is should we deduct TDS while making payment to the Vendor ?. Annual fee is HK$1,288 for an Associate Membership and HK$966 for an Associate Spouse Membership. Whatsapp - 73386 33003 09 March 2012 Hello Friends, i wanna ask that whether TDS wil be applicable on renewal membership fees ?please give proper answer with explanation in dis … Deposit Cap and the Tenant Fee Ban – ENGLAND ONLY. In case a part of the tax amount or the whole of it is not deducted at source, interest will be charged at 1.5% every month starting from the date on which the tax was deductible to the date on which the tax is … Are you facing any problems to related with law? Send the completed TDS, Cover Letter, and fee to the WWARA mailing address, or electronically to the WWARA Secretary. The online information syatem of tax department is now ROBUST and the fear of loosing revenue , which primarily was higher tds rate prescribed by law , is now NOT ACTUALLY REQUIRED. Posts / Replies. All Rights Reserved. 3) When to Deduct TDS under Section 194J? In case of sale or purchase of software both these conditions are not meet and hence there is no liability to deduct tax.