kalapather
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
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Umakanthan53
Labour Law & Hr Consultant
RAMAKANT R
Primus Techsystem
Kalapather
Marketing Professional

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umakanthan53
5887

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
RAMAKANT R
70

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

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