Tds on consulting amount
Hemant
(Querist) 21 July 2015
This query is : Resolved
Hello sir,
I am working as Software Engineer and my income is Rs. 8 lacs per annum. I have taken one application costing Rs. 50000. Now the person want to pay me some part of amount on which he will be deducting 10% as TDS on consulting amount. This is fine for me.
My query is, as company already deducting TDS on 8 Lacs which comes under slab of 20%.
When next time for year 2015-16, i will be filling return. Do i need to pay 10% more charge[ As my income comes in 20% slab] on consulting fees i received or i need not to pay any return.
Please help.
Kumar Doab
(Expert) 21 July 2015
You have to combine your income from all resources.including even interest from SB a/c...................and pay income tax at the applicable rates.
Once TDS is deducted by deductor and certificate is issued on payment made, you can not avoid showing this income.
M/s. Y-not legal services
(Expert) 21 July 2015
thank you kumar doab sir.,
its a new information to me also.
M/s.Y-not legal services,
pil4yu@gmail.com
08754014990
Kumar Doab
(Expert) 21 July 2015
"Once TDS is deducted by deductor and certificate is issued on payment made, you can avoid showing this income."
may be read as:
"Once TDS is deducted by deductor and certificate is issued on payment made, you can NOT avoid showing this income."
The previous post however has also been updated.
Rajendra K Goyal
(Expert) 22 July 2015
Account for / show all income while filing the IT return and account for the TDS deducted after checking your 26AS form from Income Tax Site.
T. Kalaiselvan, Advocate
(Expert) 25 July 2015
Well advised by experts. You can club all income together at the time of filing the returns and can produce the TDS details also along with it.
