Hello, Please help me with TDS calculation. One of our employees said that he paid some amount for bank charges and consultation fees. Are those recognized as deductions?
From India, Kolkata
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3From India, Kolkata
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In India, bank charges and consultation fees can be recognized as deductions for TDS (Tax Deducted at Source) calculation under certain conditions. Bank charges related to transactions or services directly linked to the employee's duties or employment can be considered as allowable deductions. Similarly, consultation fees paid for professional advice or services that are necessary for the employee's job responsibilities can also be included as deductions for TDS calculation. However, it is crucial to maintain proper documentation and ensure that these expenses are genuine and directly related to the employee's work. Consult with a tax expert or refer to the Income Tax Act for specific guidelines on claiming such deductions.
From India, Gurugram
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From India, Gurugram
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TDS circular.pdf
VARIOUS BANK DETAILS NAGPUR.doc
Format--new TDS rates.xls