Gst on professional fees rate

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August undefined, 2024

WebJun 30, 2024 · You can deduct the fees you incurred for external professional advice or services, including consulting fees. You can deduct accounting and legal fees you incur to get advice and help with keeping your records. You can also deduct fees you incur for preparing and filing your income tax and GST/HST returns. Web140 rows · Rate per hour would depend on the complexity of the work and the number of hours spends by each person. (a) Principal. Rs 35,000/- & Above(initial fees) + …

GST on Reimbursement of Expenses to a Supplier - ClearTax

WebCompleting Form T2125 Line 8860 – Professional fees (includes legal and accounting fees) Deduct the fees you incurred for external professional advice or services, … WebThere is also 1.25% monthly interest for late payment, a 10% penalty on the tax amount for non-payment/delay of professional tax, and a penalty of Rs.1,000-2,000 for late return submission. Frequently Asked Questions I am a freelance professional. Am I liable to pay professional tax? elbridge gerry education

Fees - Recommended by ICAI

WebThe products and services under the GST tax regime are categorized into four tax slabs: 5%, 12%, 18%, and 28%. While the GST rates for essential foods are very low, some … Webprofessional HSN Code or HS Codes with GST Rate HS CODE For Exporter For Investor Partner Company Resources Sign In Apply Now Categories Search Frequently Searched: Cement Battery Furniture Rice Sugar See all categories All HS Codes or HSN Codes for professional with GST Rates HSN Code 1517 WebSep 30, 2016 · The rate of tax to charge depends on the place of supply. This is where you make your sale, lease, or other supply. A zero-rated supply has a 0% GST/HST rate … food flavoring xword

GST HS Code and rates for HSN CODE of professional fees

Section 194J TDS on Professional or Technical Fees

WebJul 6, 2024 · Section 194J requires deduction of tax at source @10% from the amount credited or paid by way of fees for professional services, where such amount or … WebMay 23, 2024 · GST rate on consultancy services : Consultancy services attracts 18% of GST Rate. Consultancy can be of any nature related to healthcare, finance, investments … food flavoring manufacturersWebJun 26, 2024 · Tax has to be deducted in case the payment for the professional and technical services is greater than Rs 30,000 during the year. Please note, this Rs 30,000 maximum limit is applicable to each item or payment independently. For example, ABC … elbridge house hill

"WebApr 21, 2024 · As per my view., There are two type of reverse charge scenarios provided in law. First is dependent on the nature of supply and/or nature of. supplier. This scenario … " - Gst on professional fees rate

Gst on professional fees rate

WebGST rates for all HS codes. You can search GST tax rate for all products in this search box. You have to only type name or few words or products and our server will search details … WebExamples of a pure agent under GST Example 1: X, a Chartered Accountant, collects Rs.1,00,000 from their client ABC Ltd. as professional fees for services rendered for the financial year 2024-21. In addition to this, X also collects Rs.45,000 as a reimbursement for income tax paid to the government on behalf of ABC Ltd.

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WebMar 13, 2024 · If the payee (professional/technical services provider) provides a Permanent Account Number (PAN), a flat rate of 10% will be applied to the transaction …

WebFind GST HSN Codes with Tax Rates. Here you can search HS Code of all products, we have curated list of available HS code with GST website. The procedure to find HS Code … WebJun 12, 2024 · GST applicable on professional fees but not on salaries of company directors, FinMin clarifies. The clarification removes the …

WebApr 10, 2024 · Payment made to Doctors for Referring Patient to Assesee is Professional fee, not Referral Fee: ITAT [Read Order] April 11, 2024; The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that payment made to doctors for referring patients to assess are professional fees which were not referral fees. WebDec 13, 2024 · This implies that the rate of TDS is 10% in case of fees paid for professional services while it is 2% in case of fees for technical services. As the rate of TDS is different for professional services and technical services, looking into the difference between the two is the need of the hour.

WebFeb 16, 2024 · GST Registration Requirement. GST registration is required if an advocate, senior advocate or firm of advocate provides legal services (exempt as well as taxable services) and he meets one or both of the below conditions: Turnover exceeds the GST registration threshold. Tax is to be paid on forward charge. Also, if legal services are …

WebOct 20, 2024 · GST Rate for Professionals Currently 18% rate of GST is applicable on almost all categories of professionals in India except some specific exemptions … elbridge gerry of massachusetts redraw linesWebConsultancy and Professional Services Consultancy services (e.g. legal, accounting, engineering service) and other similar professional services are subject to GST. However, if the services qualify as international services under Section 21 (3) of … elbridge gerry occupationWebDec 13, 2024 · GST Registration Fees for Sole Proprietorship. The process of registering under GST is known as GST registration. The application is made through form GST … elbridge house brixtonWebApr 10, 2024 · Payment made to Doctors for Referring Patient to Assesee is Professional fee, not Referral Fee: ITAT [Read Order] April 11, 2024; The Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) has recently held that payment made to doctors for referring patients to assess are professional fees which were not referral fees. food flavourings commodity codeWebMay 27, 2024 · A is providing commercial plot on rent to Mr. Y on monthly rental of Rs. 1 lakh, then GST is applicable since the aggregate turnover of Mr. A is more than Rs. 20 lakhs i.e. 16 lakhs+12 lakhs = Rs. 28 lakhs. Hence, Mr. A is liable to take registration in this case as well as liable to pay GST on taxable turnover of Rs. 12 lakhs. food flavouring australiaWebOct 18, 2024 · Professional fees are fees charged by a person who is trained and experienced in a certain field of practice or a member of a professional order such as a … elbridge historical societyWebFeb 24, 2024 · Suppose the purchases from registered dealers shortfall 80%, then the promoter should GST at 18% on the reverse charge to the extent short of 80% of inward supplies. However, if the promoter purchases cement from an unregistered supplier, he must pay tax at 28%. This calculation is to be done irrespective of the 80% calculation. food flavouring for cakes