State the provisions of the Act applicable, and the rate at which the tax is either to be deducted or to be collected at source in the following independent cases: A nationalized bank receiving professional services from
CS Professional · Direct Tax Law & Practice · PYQS · June 2019
State the provisions of the Act applicable, and the rate at which the tax is either to be deducted or to be collected at source in the following independent cases: A nationalized bank receiving professional services from a registered society (resident) and had made a provision on 31st March, 2019 of an amount of ₹15 lacs against the service charges bills to be received relating to the services provided during the year.
Answer & Explanation:
The provision of ₹15 lakhs made by the nationalized bank for receiving professional services being rendered by a Society (resident) shall be subject to deduction of tax at source under section 194J of the Income Tax Act, 1961 @ 10% of such amount of ₹15 lacs, at the time of payment or credit, whichever is earlier.
Topics: Tax Deduction at Source (TDS)
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