Retainer Salary Paid

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This query is : Resolved

Gurmeet Singh (Querist)

09 September 2009 Hi All,

I am having some college students working for my company doing marketing activities and I am paying them fixed monthly amount as retainers salary to them. But now my auditor is of the opinion that the Account Head "Retainer Salary" attracts PF & PF. so please suggest me under what head i should put the same so as to avaiod any TDS, PT or PF.
Thanks in Advance.

Gurmeet R

Kaustuv

Kaustuv (Expert)

10 September 2009 give them professional fees. PF and PT won't be applicable. But TDS however would be applicable subject to fufilling the conditions.

Gurmeet Singh

Gurmeet Singh (Querist)

10 September 2009 Hi,

Thanks champ for your reply. Total amount paid to them is not more than Rs.38,000.00 till March 31, 09

So whether it will attracts TDS?

Thanks,

Gurmeet R

Kaustuv

Kaustuv (Expert)

10 September 2009 Hi,

Thanks.

Please note that where the aggregate of the amounts paid/credited or likely to be paid/credited to a single party exceeds Rs.50,000 during the financial year, TDS has to be made.

Gurmeet Singh

Gurmeet Singh (Querist)

10 September 2009 Hi,

Thanks for your valuable updates.

Gurmeet R

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