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.
Hi
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.
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