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Deductions u/search 194j

Tax queries 375 views 2 replies

Sam

Researcher

24 Points Posted on 02 August 2014

Hi, I am a salary earner and also involved in ecological research and conservation activities during my free time. Some times I receive fees or remuneration for such activities. The remuneration is paid after deducting 10% service tax. Now my annual income from my salary is about 5 lakh. Do I need to add my honorarium to this. Then it crosses 5 lakh and do I need to pay 20% tax for this excess money I earned? If 10 % service tax is already deducted, need i pay 10% more?Please advise.

Replies (2)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 03 August 2014

first please clarify it is service tax or tds has been deducted???? .... if tds was deducted, then yes, you are reqd to pay additional 10% tax on such income as you will come under 20%slab.

Anubhav

Chartered Accountant

429 Points Posted on 03 August 2014

First of all what is deducted is tds (income tax) in case if it is 10%. If your total income after recieving your honorarium exceeds 5 lakh you will be taxed at 20%. But there are a lot of deduction/exemptions which saves tax.

For further query kindly pm or mail me.

AJH & Co

anubhavjain @ ajhco.in

9868729930