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Reduction in TDS on fees for professional or technical services

 
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sushant_goel
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Joined: 15 Sep 2010
Posts: 48

PostPosted: Sat Jun 06, 2020 5:34 pm    Post subject: Reduction in TDS on fees for professional or technical services Reply with quote

Hello,

I was recently informed by a colleague that the TDS (Tax Deducted at Source) on fees for professional/technical services has been reduced due to the following.

1. Amendment of Section 194J of the Income Tax Act in the Finance Bill 2020

2. Stimulus package for the COVID-19 pandemic announced by the Finance Ministry

Is the above information correct? If yes, do you know what are the new effective TDS rates?

Kind regards,

_________________
Sushant Goel
M.Sc. Uni Stuttgart
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sakumar79
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Joined: 18 Apr 2008
Posts: 685

PostPosted: Fri Jul 03, 2020 4:57 am    Post subject: Reply with quote

Dear Sir,
    As I understand,

1. The TDS for Technical services has been reduced from 10% to 2%. However, what Structural consultants are providing cannot be considered Technical services and shall be considered as Professional services only and hence there is no effect for us. Technical services are the services provided by technicians, etc

2. As per Stimulus package, there is a temporary reduction of 25% in TDS. Hence, for the time being, TDS deducted for our services is 7.5%.

Hope that helps and other may correct me if I am wrong.

Yours sincerely
S Arunkumar
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