Tds on consulting amount
This query is : Resolved
21 July 2015
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.
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.
21 July 2015
you will have to pay the balance tax amount...
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