What is the rate of TDS u/s 194A?
Hey @Dia_malhotra
As per section 194A, TDS on interest other than interest on securities is required to be deducted by any person other than Individual or HUF at the rate of 10%, when paid to a resident. No surcharge, education cess or SHEC shall be added to the above rate.
Hope this helps!
Hey,
Which services are covered under section 194J and what is the limit to deduct TDS u/s 194J?
Hey @HarishMehta
TDS u/s 194J needs to be deducted by deductor other than an individual or a HUF, @ 10% on any amount paid or payable to any which is in excess of INR 30,000 as:
- Fees for professional services
- Fees for technical services
- Any remuneration or fees or commission by whatever name called paid to a director ( other than salary)
- Royalty
- Any sum referred to in clause (VA) of section 28.
Hope this helps!
Hi,
If I have gross income from Upwork = ₹1,00,000 then I will approx. receive net payment of ₹80,000 and ₹20000(20% Service Fee) will be charged by Upwork. But as Upwork will deduct TDS on ₹1,00,000 & report the same amount to the income tax department, how to claim a deduction for Service Fee(20%) charged by Upwork while filing ITR?
Hello @the_AK,
Against gross income, you can claim business expenses that you have incurred for earning that income. So you can claim this service fee as a business expense from the gross income received by you.
Hope this helps!
In case of securities where provision is made by a corporate for “accrued interest but not due”, is TDS required to be deducted by the corporate? The securities are freely transferrable and may change ownership at the time of actual payment when due.
Hey @Bharti_Vasvani can you please help here?
Hi, any answer here?
Hello @Anuj_Agarwal,
TDS will be deducted by the company when the interest is actually paid on the securities, so at that time whoever is the owner of such security shall receive the interest and can claim credit of interest.
Hope this helps!
Hello @Bharti_Vasvani ,
Is there any provision in Income tax Act or any previous precedents stating this? If yes, can ypu please share that as well.
Thanks,
I have respectable salary income and 1000 insurance commission…ie old commission…not claiming any expenses…can i show it as other income in itr1 or have to file itr 3
Hi @Shivam_B
If you have income from salary and income from insurance commission (business income), then you will be required to file ITR 3.
Itr 3 is so big…have to pay heavy charges…for filing…will it be defective if i do so ie reporting 1000 as other income in itr1 along with salary income…have closed down the insirance work since yesrs…i even contacted commssiom giving broker and closed my commission account…still they are showing in 26as wheress i am not receiving in real
Hi @Shivam_B
As per the recent utilities, ITD gives you the option to select only the schedules applicable to you while filing ITR.
Thus, you are not required to go through the entire ITR 3 form. You can also prepare and file ITR on Quicko, where you can upload form 16 and add commission income under the head “Business & Profession” and file ITR 3, without any charges as Quicko is a DIY platform helping individuals to file taxes.
We run a small business wherein, we provide services to various companies. They do deduct TDS under 194C. The amount is also reflected in our Form26AS. However, most of them do not send us Form16A. Is it mandatory for them to send Form16A to us or is it fine to manage with 26AS itself.
It is mandatory for them to send form 16A to you. In case you’ve not received it you can manage with form 26AS.
- I have an income from salary and a very small income of Rs 4600 from E Commerce sales for which TDS is already deducted by E commerce Company and shown in AIS as Business reciepts.
So Can i show this business reciepts income in my Form ITR-1 under other income?
- Also the total annual sales was less than 5 lakh, but still the E commerce company has deducted TDS, As i read above the TDS is not deducted if the total sales/reciepts are less than 5 lakhs. Pls Confirm.
Thank you.
Hi @Sudais
If this is just a one-time income, you can report it under IFOS in your ITR 1.