In reference to previous query
the pysician Mr great was appointed @ Rs 100000 F.Y 2014-15 per week on contract basis upto six month
wht shall be the tax treatment of same
pls provide in detail
when to deduct tDS qty,six month r yearly
where to deposit the tax deducted
how to calculate his tax income
TDS is deductable at the time of payment or accounting in the books whichever is earlier.
Such TDS deducted shoould be remitted to IT Dept thru Bank Challan 1st week of succeeding month of Payment. for example, Amount paid for April , tds should be paid on or before 7th May.
His income is calculated basing on business taxation rules i.e. Profits under the head Business or Profession.
Thanks,
Suri
CAclubindia
