I am getting paid by one of the company for consulting.. how is the tds work done here ... do I need to pay tax for the amount paid by them or they deduct the tds and pay me .. do I need to have tds certificate. Please help
Shaini vs (5 Points)
13 September 2024I am getting paid by one of the company for consulting.. how is the tds work done here ... do I need to pay tax for the amount paid by them or they deduct the tds and pay me .. do I need to have tds certificate. Please help
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174938 Points)
Replied 13 September 2024
How much amount will be paid by the company?
Whether lump sum or as per any terms?
Pranav Aggarwal
(515 Points)
Replied 13 September 2024
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174938 Points)
Replied 13 September 2024
Yes, Company will deduct TDS and pay the remaining amount. It will also give you form 16A, i.e. TDS certificate.
You will require to file relevant ITR and pay additional tax liability, if any.
S B UNNI
(TAX PRACTITIONER)
(40 Points)
Replied 14 September 2024
One of my client, who is a trust, duly registered u/s 12AA of IT Act filed their i ITR for 19-20 AY without mentioing the Reg.No.u/s 12A already issued long back. The trust was filing their returns since last 20 years with Regn.No. Due to oversight they did not mention the Regn.No. in 19-20 in their ITR. No reply was also given to the department for the defects mentioned by them through notice. The expenses claimed by the trust was disallowed and a huge demand was created. Rectification application was filed thrice, but of invain. How can the trust cancel the demand created due to a minor mistake of not mentioning the Regn.No.
Pl.help..
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174938 Points)
Replied 14 September 2024
As on date it is difficult to revoke the demand. Trust should have filed appeal against the assessment order.
Shaini s
(service)
(7 Points)
Replied 14 September 2024
Thanks ..!! Which ITR i need to file (ITR1 or ITR2)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(174938 Points)
Replied 15 September 2024
Simplest is ITR 4. Or ITR 3 can also be filed.
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