In the last FY, I received an amount of exactly Rs. 30,000 as professional fees. However, I was paid only Rs. 27,000 after deducting 10% TDS. I have now learned that TDS under 194J needs to be deducted only if the professional fees exceeds Rs. 30,000 in a FY. Is there a way to claim the refund of the entire TDS? If not, do I have to declare 50% of 30000 as my income and pay tax accordingly?
Thank you.
TDS deducted is no way loss to deductee. You can file return, pay legitimate tax over the income, and claim excess refund.
Varma Raja & Associates
Thrissur
CA Inter
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Goodwin Pumps India Pvt Ltd
Chengalpattu
CA Inter
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S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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M N Rao & Associates LLP
Vijayawada
CA Inter
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CCI
Pro
CAclubindia
