TDS deducted on Professional Fee - how to show in I.T. RETN
This query is : Resolved
25 July 2011
Dear Experts,
A person received a total amount of 42750/- towards Fees for training lectures delivered in Companies Training Centre duringt F.A. 2010-11 and the Training Centre has deducted 10% TDS of 4275/- for the same, AND gave Form No.16-A . The person is a salaried employee who received Form No.16 for salary income. Kindly guide as to how he should show this TDS in his I.T. return for A.Y.2011-12? Whether he should add the total fee of 42750/- to his salary income and work out the total tax liability and thereafter deduct the TDS amount already deducted from the said total tax liability to arrive at his final tax payable or any other method is there. Kindly enlighten on this issue. Thanks in advance.
A person received a total amount of 42750/- towards Fees for training lectures delivered in Companies Training Centre duringt F.A. 2010-11 and the Training Centre has deducted 10% TDS of 4275/- for the same, AND gave Form No.16-A . The person is a salaried employee who received Form No.16 for salary income. Kindly guide as to how he should show this TDS in his I.T. return for A.Y.2011-12? Whether he should add the total fee of 42750/- to his salary income and work out the total tax liability and thereafter deduct the TDS amount already deducted from the said total tax liability to arrive at his final tax payable or any other method is there. Kindly enlighten on this issue. Thanks in advance.
25 July 2011
Training Lectures a professional services then its not included in salary income.
25 July 2011
Since TDS has been deducted as professional fees and form 16A has been issued the same would be taxable as business income and not as salary income.
25 July 2011
Thanks for the replies which would not answer my queries fully. Therefore, I would be thankful any experts could give proper guidance elaborately, especially as to how the income from training lecture to be treated in the I.T. return and what about the amount of TDS already deducted on the same,etc. please.
25 July 2011
The income from giving lecture would be professional income and taxable under the head income from business and profession and claim the TDS from the tax liability as you claim TDS on salary.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SFT Cash Deposit in Current Account
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
