Table of Contents
What is Section 192 of Income Tax Act?
Section 192 of the I.T. Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries.
Which ITR to file for professional fees?
Who is required to file ITR 4? ITR 4 is to be filed by the individuals/HUF/ Partnership firm whose total income of AY 2020-21 includes as below: Business income under section 44AD or 44AE. Income from profession calculated under section 44ADA.
Which section is used for salary TDS deduction?
Yes, the deduction for TDS on salary is mandatory under Section 192 of the Income Tax Act. Every employer who pays a salaried income to his employees needs to deduct TDS on salary if the income amount is over the basic exemption limit.
Do I file ITR-4 If I have TDS deducted in SEC 194j?
If you have income from profession on which TDS deducted in Sec. 194J (10\%), you file ITR-4 or ITR-3 as applicable and depend on your income basis. Profession income shown in head of “PGBP”. You can file ITR-1 mentioning the income from vendors training under “other sources” and claim TDS.
What is the difference between 192 file ITR 4s and 194j?
File ITR 1 :: If empolyer will not deduct TDS next time u/s 194J, and he will deduct the same u/s 192 File ITR 4S :: If he will continue to deduct TDS u/s 194J because you will have to show it as professional fees. Dear Ajay,there is two diffrent head and deduction is done on nature of relationship and services
How to show 192 income and 194j income in income tax return?
You can show your 192 income in salary head and 194J income in 44ADA head of your return and showing taxable income @ 50\%. For salary ITR 1 but 194J for professional fees , technical fees etc for which file ITR 3 or ITR but you don’t want to file maintain books so file ITR 4
Are professional and technical services fees undercome TDs deduction?
The CBDT hass issued a Circular No. 01/2014 dated 13.01.2014 regarding deduction of TDS under Section 194J (chapter XVII-B of the Income Tax Act, 1961) on professional and technical services. This circular clarifies that on Professional and technical services fees paid by the payee to payer is not undercome TDS Deduction.