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?
From India, Chennai
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From India, Chennai
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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.
From India, Salem
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6108The 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.
From India, Salem
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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....
From India, Pune
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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
Income Tax Calculator.xls