Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2013 DEAR MEMBER(S)
PLEASE SEND THE REPLY

AN INDIVIDUAL PROVIDE THE SERVICE OF ARTICAL TO NEWS PAPERS. DOES IT CREATE TDS LIBILITY IF YES .UNDER WHICH SECTION TDS IS TO BE DEDUCTED.& WHAT ARE THE LIMIT FOR THE SAME

@VaibhavJ

@VaibhavJ (Expert)
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27 December 2013 Hi

TDS applicable u/s 192B

Thanks

Ganeshbabu K

Ganeshbabu K (Expert)
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27 December 2013 I understood that individual is contributing articles to news papers
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As he is not your employer you should deduct TDS if total payments in year exceeds 30000.applicable tds u/s 194J.

@VaibhavJ

@VaibhavJ (Expert)
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27 December 2013 Ok, i understood that he is working as article clerk as Mgmt Tainee.

Ganeshbabu K

Ganeshbabu K (Expert)
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27 December 2013 in such case in my opinion no tds required to be deducted as amount paid to trainee/articleship is exempt income

Refer Sec.10(16)

@VaibhavJ

@VaibhavJ (Expert)
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27 December 2013 It will be exempt only if paid as per ICAI norms, any amount paid over & above then it will be taxable.

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2013 Thanks ......................

The limit of 30000 is for each payament. or aggregate payment u/s 94J.

Ganeshbabu K

Ganeshbabu K (Expert)
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27 December 2013 any amount paid to trainee as a stipend will not taxable as income in the hands of receipient. if it is as per sec.10(16)
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Suppose i am getting stipend of 8000 rupees but as per icai it is fixed at 1500 difference per month is 6500 which will exceeds 30000 in a year,..even in such case it is not chargeable to tax and my principal not required to deduct tax from my stipend.
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because total amount paid is stipend nature and qualifies for Sec.10(16) exemption

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