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There is no technical issue if an employee raises a service invoice with his company. The only thing is that it should not violate his appointment terms with the company.
There is no technical issue if an employee raises a service invoice with his company. The only thing is that it should not violate his appointment terms with the company.
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An executive director is the full-time working director of the company. They look after the affairs of the company and have a higher responsibility towards the company. A non-executive director is a non-working director and is not involved in the everyday working of the company. They might participaRead more
An executive director is the full-time working director of the company. They look after the affairs of the company and have a higher responsibility towards the company.
A non-executive director is a non-working director and is not involved in the everyday working of the company. They might participate in the planning or policy-making process.
See lessA vendor registered under the MSMED Act, 2006 is called an MSME vendor. There are three categories of vendors in MSMED act which are based on their investment and turnover. Micro manufacturing and services units- Rs. 1 Crore of investment in plant and machinery or equipment and Rs 5 Crore of turnoveRead more
A vendor registered under the MSMED Act, 2006 is called an MSME vendor. There are three categories of vendors in MSMED act which are based on their investment and turnover.
No, SAI is not considered a local authority under the Income Tax Act. As per Section 10(20) of the Income Tax Act, a local authority includes:✅ Panchayats under Article 243(d) of the Constitution.✅ Municipalities under Article 243P.✅ Municipal Committees, District Boards, or similar authorities respRead more
No, SAI is not considered a local authority under the Income Tax Act.
As per Section 10(20) of the Income Tax Act, a local authority includes:
✅ Panchayats under Article 243(d) of the Constitution.
✅ Municipalities under Article 243P.
✅ Municipal Committees, District Boards, or similar authorities responsible for local governance and civic functions.
Hence, SAI is an Autonomous Body with No Local Governance Role and neither has any Statutory Authority for Local Self-Governance. It operates under the supervision of the Ministry of Youth Affairs & Sports, Government of India.
See lessIf you are purchasing ready-made T-shirts with your company logo printed on them, it is treated as a purchase of goods. No TDS is required under Section 194C (TDS on contracts) or Section 194J (TDS on professional services). GST might apply, but TDS is not applicable under the Income Tax Act.
The TDS rate on software subscription charges is 2% as per section 194J Fee for technical services.
The TDS rate on software subscription charges is 2% as per section 194J Fee for technical services.
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What is allowed Cash Payment-up to INR 10,000 Cash receipt- below to INR 2 Lakhs (up to 20,000 for Loan and Advance) Cash Payment of Loan/advance--below 20,000 Now let's discuss the complete provision Section 40A(3) and Section 43 – Cash Payment Section 269SS and Section 269ST – Cash ReceipRead more
What is allowedÂ
Now let’s discuss the complete provisionÂ
1. Section 40A(3)
Cash Payment
Exemption:
Â
Section 269ST
Cash receipt limit- Receipt of cash amount of Rs 2 Lakh or more not allowed
Exemption:
Penalty under Section 269ST
 Section 269SS
Cash receipt limit
Exemption
Penalty under Section 269SS
Equal to the amount of loan or deposit or specified sum accepted.
Section 269T
Exemption:
When the loan is repaid, or deposit taken or accepted from below mentioned person:
Penalty under Section 269T
Equal to the amount of loan or deposit repaid is payable.
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Yes, TDS @10% shall be deducted from the membership fee U/s 194J. Membership fees collected by an association usually include access to managerial, technical, and consultancy services, reflecting the benefits provided to members. Consequently, such fees are subject to TDS at 10% under Section 194J.Read more
Yes, TDS @10% shall be deducted from the membership fee U/s 194J.
Membership fees collected by an association usually include access to managerial, technical, and consultancy services, reflecting the benefits provided to members. Consequently, such fees are subject to TDS at 10% under Section 194J.
Exemption: where the amount of such sum or, the aggregate of the amounts of such sums credited or paid during the financial year does not exceed by INR 30000.
As per Section 194J, professional fee means:
(a) “professional services” means services rendered by a person in the course of carrying on legal, medical, engineering or architectural professions or the profession of accountancy or technical consultancy or interior decoration or advertising or such other profession as is notified by the Board for the purposes of section 44AAÂ or of this section;
 (b) “fees for technical services” means rendering of any managerial, technical or consultancy services
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TDS shall be deducted under section 194J@10% if the payment exceeds the threshold limit i.e. INR 30000 on certification charges like ISO, Great Place of Work, Best Coach, etc. Here is the detailed analysis of sec 194 J TDS under section 194J is deducted on payments exceeding the threshold limRead more
TDS shall be deducted under section 194J@10% if the payment exceeds the threshold limit i.e. INR 30000 on certification charges like ISO, Great Place of Work, Best Coach, etc.
Here is the detailed analysis of sec 194 J
TDS under section 194J is deducted on payments exceeding the threshold limit for below payments.
| Type of Payments | Rate of tax deduction | Threshold Limit |
| Technical service | 2% | Rs. 30,000 |
| Payment of royalty for sale, distribution or exhibition of cinematographic films. | 2% | Rs. 30,000 |
| Other Royalty | 10% | Rs. 30,000 |
| Professional Services | 10% | Rs. 30,000 |
| Non-compete fees or fees paid not to share any technical knowledge or know-how | 10% | Rs. 30,000 |
| Payments made by the company to directors by way of fees, commissions or remuneration | 10% | Nil |
Professional services include following services:
Fees for technical services include the following payments:
Note: Technical service does not include services provided by machines or robots.
Royalty means the payment made for:
Non-compete fees include the payment made for an agreement for not sharing any license, patent, trademark, franchise, know-how, commercial or business rights, or information to any other person for processing, manufacture, or provisional service.
Thanks
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TDS is NOT applicable on Demat account opening charges because they are in the nature of bank charges or service charges, which do not fall under any specific TDS provision. Such charges are generally considered as a payment for services, and TDS is applicable only if the payment falls under a speciRead more
TDS is NOT applicable on Demat account opening charges because they are in the nature of bank charges or service charges, which do not fall under any specific TDS provision.
Such charges are generally considered as a payment for services, and TDS is applicable only if the payment falls under a specific section of the Income Tax Act.
Since Demat account opening charges are generally not categorized as professional fees, commission, or contractual payment, TDS is NOT required to be deducted under the Income Tax Act.
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