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Imcome as salary or Professional fee

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38 Points Posted on 28 December 2019
Dear Sir/Mam

I'm an accountant in 5 firm & I get payment cheque each of them separately on monthly basis .

Is my income is considered as salary or professional fee ?
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On 28 December 2019 at 18:35 Report
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17264 Points Posted on 28 December 2019
How are they considering payment ? As salary or as professional fee ? (Retainership fee)

Depending upon payers classification, you have to show it accordingly
101 Reply
On 28 December 2019 at 19:04
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38 Points Posted on 28 December 2019
If they show as salary then Can I show my income as salary because I receive it from five employer's
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On 28 December 2019 at 19:11
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17264 Points Posted on 28 December 2019
Get salary certificate from all five employers

There is no ceiling on No. if Employers.

But Standard deduction maximum will be total 50000/- only (and not employer wise)
101 Reply
On 28 December 2019 at 19:17
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38 Points Posted on 28 December 2019
Thank you for your advice.

If they show my income as their professional fee and deduct TDS on my income u/s 94J then It is valid or not ?
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On 28 December 2019 at 19:32
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17264 Points Posted on 28 December 2019
If TDS under 194J is there then you must show income as Professional Income only.

You make take benefit by opting for 44ADA presumptive taxation .
101 Reply
On 28 December 2019 at 21:37
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10 Points Posted on 28 December 2019
This is in the form professional fee not as salary since there is employment relationship between you and their firm
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On 28 December 2019 at 22:58
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209 Points Posted on 30 December 2019
Employer employee relationship is must, for salary
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On 30 December 2019 at 10:28
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C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 30 December 2019

Check if there is any T.D.S Deduction in form 26AS. Most  probably  you must get covered under Salaried Employee.

For Professional fees , your profession must get covered under Professions notified U/s 194 J in this regard. 

1 Reply
On 30 December 2019 at 11:37
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Profession Business
28207 Points Posted on 30 December 2019
@ rawal
there are 3 options.
1. are they deducting tds and giving u tds certificate.
2. if yes get hold of the tds certificate.
3. at what rate.
44 Reply
On 30 December 2019 at 12:05
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38 Points Posted on 30 December 2019
Sir,
One firm Deduct TDS u/s 94J on my incom and remaining four firms do not so.
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On 30 December 2019 at 13:04
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17264 Points Posted on 30 December 2019
So it's better for you. No TDS deduction. TDS deduction is player's responsibility.

At the year end you check what type of payment certificate they are giving and then show accordingly in ITR.

Whatever TDS is there as per 26AS that you claim in ITR.
101 Reply
On 30 December 2019 at 20:30
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Accountant
26 Points Posted on 31 December 2019

You should file your return under Salary head 

If your salary exceed five lac you will be paid tax 

There is no limit of employers

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On 31 December 2019 at 12:58


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