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Amendment of section 194J.

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..... cent. of such sum in other cases, shall be substituted; (b) in the second proviso, for the words, brackets, letters and figures the monetary limits specified under clause (a) or clause (b) of section 44AB , the words one crore rupees in case of business or fifty lakh rupees in case of profession shall be substituted. Clause 79 of the Bill seeks to amend section 194J of the Income-tax Act relating .....

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..... for paying to a resident any sum by way of fees for professional services, or fees for technical services, or any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company, or royalty or any sum referred to in clause (va) of section 28, shall at the time of payment or credit of such sum to the account of th .....

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..... m the business or profession carried on by him exceed one crore rupees in case of business or fifty lakh rupees in case of profession during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income-tax under the said section. These amendments will take effect from 1st April, 2020. - Statutory Provisions, Acts, Rules, R .....

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