WebThe net income is taxable under the professional income. Consultant must be aware if the services he or she renders attracts service tax which is charged at 12.36% on the consultancy fee. The pros of being a consultant is that you can work independently, organise and manage the resources and are not required to be at office. WebJan 23, 2024 · Updated: 23-01-2024 12:55:13 PM. As per Union Budget 2024, the TDS rate for the payment of fees for technical services under Section 194J of Income Tax Act has been reduced to 2% from 10%. The TDS rate for the payment other professional services except that for technical services remains same at 10%. This change in TDS rate will …
Consultancy fees Income Tax - CAclubindia
Webunder cooperative technical assistance programmes [section 10(8) and 10 (8B)] 20 . vi ... be received in India under the provisions of the Income-tax Act. But the income-tax exemption would not be lost ... 3.8 The expression “business controlled in India” means that the “head and brain” of the trading adventure should be situated in ... WebApr 13, 2024 · It implies the services rendered by an individual for consultancy, technical or managerial services. Services such as assembly, mining, construction are not considered as technical services as income from the same would come under the head salary of the recipient. Non Compete Fees sims 4 child formal cc
Section 194J TDS on Fees for Professional or Technical Services - TaxGuru
WebRemuneration, Salary, Commission, Perquisites, Sitting Fees, etc., whatever the form of payment, it is Taxable under the Income Tax Act, 1961 either under the head "Income from Salary" (if Director is an employee) ii. Under the head "Profits from Business or Profession" if Director is an agent – supplier of services. WebApr 2, 2024 · Tally ledgers creation under group of accounts is main part of Tally ERP 9 implementation. In every implementation of Group wise Tally ledger list prepared first which affects Trading a/c, Profit and loss a/c and Balance sheet. Here is the list of ledger head and respected group of ledgers. MISSCELLANEOUS EXP. WebJul 23, 2024 · Income received as a full-time/part-time consultant is taxed under the head “Profits and loss from Business or Profession” and not under the head “Salaries”. … rbkc planning conservation areas