Retired and Working as a Retainer: How Much More Income Tax Do I Owe?

I worked for a company and got retired in September 2019. I am now working as a retainer in the same company, and they deduct 10% TDS on my monthly fees. I have already paid income tax fully for the period during which I received a salary. What is the income tax payable (further) on account of these retainer fees?

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 a 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.

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 Tax Deducted at Source (TDS) only at the rate of 10% when certain payments are made to a resident. You can claim the same in your annual return....