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Discussion > Income Tax > TDS >

TDS on Professional Fees

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Service


[ Scorecard : 139]
Posted On 16 October 2008 at 15:53 Report Abuse

Dear All,

A Company was paying from 1st Apr,08 an amount by the way of Professional fees of Rs. 6,000/- per month to some one lady, the Company has already paid upto Aug,08 means Rs. 30,000/- (6,000 x 5months) which is attract for TDS but the company has not deduct any TDS from the payment. Now the company wants to deduct the TDS from the payment of Rs. 6,000/- for the month of September,08.

Is it possible to deduct the TDS amount ?

If it is possible, so how much TDS amount wiil be deduct for the month of Sep,08 amount

Pls advise me


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(Guest)
Posted On 16 October 2008 at 16:03

 

hi, your professional fees P.M 6000/- means yearly 72,000/- p.a as per income tax rules 10.3% tds deducted in ur fees means 7416/- yearly . company has forget the deduction of tds in ur fees but they are liable to pay tax dept & that much amt recover in your fees annualy any time.....





(Guest)
Posted On 16 October 2008 at 16:41

The company should deduct the TDS amount on fees amount not deducted earlier from the current bill of rs 6000/ and pay the balance amount to the lady.

 

regards

Yogesh

 




munna
audit


[ Scorecard : 31]
Posted On 16 October 2008 at 18:46

Originally posted by :Indrajit Mondal
"

Dear All,
A Company was paying from 1st Apr,08 an amount by the way of Professional fees of Rs. 6,000/- per month to some one lady, the Company has already paid upto Aug,08 means Rs. 30,000/- (6,000 x 5months) which is attract for TDS but the company has not deduct any TDS from the payment. Now the company wants to deduct the TDS from the payment of Rs. 6,000/- for the month of September,08.
Is it possible to deduct the TDS amount ?
If it is possible, so how much TDS amount wiil be deduct for the month of Sep,08 amount
Pls advise me

in the month of september co. should deduct tds on whole amount I.e upto aug 30000 +6000(sept)= 36000.  on 36000 tds liability will be calculate @ 10%. .the balace amount will paid to party.

"


 




CA Annie
Chartered Accountant


[ Scorecard : 742]
Posted On 17 October 2008 at 10:32

Tax has to be deducted on the total amount and not on the excess.



Total thanks : 1 times



Amit
Service


[ Scorecard : 42]
Posted On 17 October 2008 at 10:38

yes deducted tds.

calculate tds from april'08

amit




SANJAY VERMA
Chartered Accountant


[ Scorecard : 334]
Posted On 17 October 2008 at 12:21

Deduct tax from current bill on 42000 @ 10.3% and deposit it before 7th of Nov. 08 then deduct tds per month on Rs 6000 and deposit within due date.



Total thanks : 1 times



(Guest)
Posted On 30 October 2008 at 09:42

Hi.,

May know., how much amount will be deduct from my salary for TDS.,

For Ex., My salary Rs. 12,000 (gross pay / Month)

can one help for detiled TDS Calculation.,

Is income Tax is entirely different from TDS yes or No?

Is there any tax relaxation like LIC, Donation etc., is applicable for TDA.,

Can any help me for the above my queries.,

Regards,

Suresh/




Ramesh Kumar Swami
Accounts Supervisor


[ Scorecard : 24]
Posted On 10 October 2009 at 12:30

Hi,

I want to know that i am a professional (Doctor) . In my Nursing Home I Purchase a Machine  and i am paying 40000/- Annual maintenace . Should i Deduct TDS as a contract?




Ramesh Kumar Swami
Accounts Supervisor


[ Scorecard : 24]
Posted On 10 October 2009 at 17:04

Hi,

Can any help me for the above my queries.,

Regards,

Ramesh



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