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
RAMAKANT RSection 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
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.