I worked for a company & got retired in Sept 19. Now working as a retainer in same company & they deduct 10% TDS on monthly fees.
Have already paid IT fully for the period during which I received salary. What is the IT payable (further) on account of this retainer fees?
From India, Chennai
Have already paid IT fully for the period during which I received salary. What is the IT payable (further) on account of this retainer fees?
From India, Chennai
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Dear friend,
The TDS deducted every month from your retainer fee is the ad hoc income tax paid on your behalf by the Company. When you make self-assessment of the tax payable for the assessment year, it can be adjusted as tax already paid, if the actual income tax payable is more.
From India, Salem
6015The TDS deducted every month from your retainer fee is the ad hoc income tax paid on your behalf by the Company. When you make self-assessment of the tax payable for the assessment year, it can be adjusted as tax already paid, if the actual income tax payable is more.
From India, Salem
Section 194J: TDS on Professional/Technical Fees. According to the rules and regulations of Section 194J of the Income Tax Act, 1961, a person must deduct their Tax Deducted at Source (TDS) only at the rate of 10% when certain payments are made to a certain resident.
You can claim the same in your annual return....
From India, Pune
You can claim the same in your annual return....
From India, Pune
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
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