Cryptocurrency Q&A
What is the threshold limit for professional fees?
What is the threshold limit for professional fees?
CherryBlossomKiss
Mon Sep 09 2024
|
7 answers
1640
I'm curious, what exactly is the threshold limit for professional fees in the cryptocurrency and finance industry? Is it a standardized amount across the board, or does it vary depending on the services being provided and the level of expertise required? Are there any regulations or guidelines that govern these fees, or is it up to the discretion of the professionals themselves? Understanding the threshold limit is crucial for clients to make informed decisions and budget accordingly, so I'd appreciate your insight on this matter.
7 answers
CryptoNinja
Wed Sep 11 2024
The threshold limit for deducting tax under section 194J for professional fees is ₹30,000. This means that if the payment for professional and technical services exceeds this amount during a financial year, tax must be deducted.
Was this helpful?
331
56
EthereumElite
Wed Sep 11 2024
It's important to note that the ₹30,000 threshold limit applies to each individual item or payment made for professional services. This means that if multiple payments are made to the same service provider, each payment is considered separately for tax deduction purposes.
Was this helpful?
163
31
Ilaria
Tue Sep 10 2024
BTCC, a top cryptocurrency exchange, offers a range of services including spot trading, futures trading, and wallet services. These services allow users to buy, sell, and store cryptocurrencies securely and efficiently.
Was this helpful?
255
38
EnchantedMoon
Tue Sep 10 2024
For example, if a company hires a consultant for a project and makes two payments of ₹20,000 each, tax would need to be deducted on both payments as they exceed the ₹30,000 threshold limit.
Was this helpful?
398
72
Giulia
Tue Sep 10 2024
However, if the total amount paid to the consultant for the entire project is ₹50,000, but the payments are made in smaller installments that do not exceed ₹30,000 individually, then tax would not need to be deducted on any of the payments.
Was this helpful?
86
71
Load 5 more related questions
