Tds help urgent

The company paying you the commission is requried to make TDS as it is liable to do teh same becasue tax audit is applicable to the firm.  Please communicate with the firm & ask them about TDs otherwise you will be requried to pay interest unnecessary att eh time of filing your return.

You would be requried to disclose your entire Rs 900000 commission income in your return.  However this would be included in the Form16 that the firm will be issuing you for F.Y. 2012-13.

whyd doesn't the frim pay salary to you by cheque? why is it paying it by cash.  Pleas keep the saalry slips issued by the firm to you so that it can act as a proof for the salary recd by you in cash.

Dear,Last year salary @ 18,000/- will not have any tax.Now you have to see the amount Recd in 2012-13 is 9 lac + what ever you expect,Make advance tax payment & file return.The company for commission gives 16A for TDS but that is not done.You get tentative Tax deposited.

agreeing with karandhikar

agreeing with karandhikar

Originally posted by : Giridhar S Karandikar
	The company paying you the commission is requried to make TDS as it is liable to do teh same becasue tax audit is applicable to the firm.  Please communicate with the firm & ask them about TDs otherwise you will be requried to pay interest unnecessary att eh time of filing your return. You would be requried to disclose your entire Rs 900000 commission income in your return.  However this would be included in the Form16 that the firm will be issuing you for F.Y. 2012-13. whyd doesn't the frim pay salary to you by cheque? why is it paying it by cash.  Pleas keep the saalry slips issued by the firm to you so that it can act as a proof for the salary recd by you in cash.

as per your instruction i went and enquired about the tds issue, but the firm says that they do not issue and certificate as they are exporters so they get benifits of some kind as tax relief from government. they said that they will issue me just an invoice wherein they will show that i was one of their suppliers and thus for my said work of supplying raw material i have been paid by them. and hence i can declare the entire amount as my income and pay the relevent tax on it as a CA will direct.

i do want to go and discuss this with a CA as i will need one to look into my files from now on as i too want to be a tax paying citizen. please guide me what to discuss or not. the firm said that they will issue me the invoice as payment to supplier in a weeks time. and till then i need not worry as this income will be due for return by march 2013.

i'm honestly a bit skeptic on what to do as i dont want any trouble and neither do i want to pay any interest on tax as parting with hard earned more that what is requiered is very problematic for me. 

neither can i change the firm also as i have worked very hard for years to get to this stage .

thanks & regards

Rajarshi.

 

The employer explanation that he is receiving some benefits & hence is not liable to make TDS is not valid. It is requried to make the TDS on the  commission income paid to you otherwise you will be liable to pay interest at the time of filing your return.

  Please let me know one that are you employed with the firm and the firm is paying you salary or is it that you are being on fee basis each month. If you are employed then the TDS would be made from your salary each month as per the slab rate applicable to you & the same would be disclosed in your Form16.  If you are engaged on a fee basis then TDS @ 10% will be made by the firm.

If the firm is not still making any TDS then you would be liable to pay Advance Tax by estimating your total income for the year calculating your tax liability so that no interest would be charged.

Please feel free to discuss any issue.

Originally posted by : Giridhar S Karandikar
	The employer explanation that he is receiving some benefits & hence is not liable to make TDS is not valid. It is requried to make the TDS on the  commission income paid to you otherwise you will be liable to pay interest at the time of filing your return.   Please let me know one that are you employed with the firm and the firm is paying you salary or is it that you are being on fee basis each month. If you are employed then the TDS would be made from your salary each month as per the slab rate applicable to you & the same would be disclosed in your Form16.  If you are engaged on a fee basis then TDS @ 10% will be made by the firm. If the firm is not still making any TDS then you would be liable to pay Advance Tax by estimating your total income for the year calculating your tax liability so that no interest would be charged. Please feel free to discuss any issue.

i work with the firm on fee basis like every month for last 18 months i have looked after their ground work and move around to every part of the state wherever they need me to go and look after their work. they pay me by cash and some time in account transfer but i dont have any appointment letter as such. my monthly payment varies but not more that 18K monthly. they bear every expense that i have to bear for my work like T.A D.A fooding lodging etc.

i can estimate the total income i can generate this year like  i will from now take my salary only in account payee cheque as i have throughly conveyed the same with the firm but they will not take tds at all. hence 15k*12 will be my fee from the firm for looking into their logistics work, rest more commission that i will make is around 6 lacs by jan or feb so will club and pay tax on this fully woithout any problem, but i dont want to pay any interest. i know that i will fall into the 30% tax bracket. and will pay accordingly , but as of now i have only in cheque have received to payments of 15K each on may and july in my account and then this 9L so estimating what amount should i pay as advance tax. like on this 9.3L or the entire projected 15L which i hope to make in coming months.

Thanks & Regards

Rajarshi
 

estimate your total income that you would be receiving till sep12 & accrodingly calculate tax and pay advance tax @ 30% on or before 15th of this month.  Then again in Dec12 estimate your total income for the whole year calculate your tax liability, deduct from that AT paid in Sept & pay AT @ 60%.  Again in March you would be in a position to know the income that you have received during the year. calculate your tax liability deduct the AT previously paid & pay the balance.

Originally posted by : Giridhar S Karandikar
	estimate your total income that you would be receiving till sep12 & accrodingly calculate tax and pay advance tax @ 30% on or before 15th of this month.  Then again in Dec12 estimate your total income for the whole year calculate your tax liability, deduct from that AT paid in Sept & pay AT @ 60%.  Again in March you would be in a position to know the income that you have received during the year. calculate your tax liability deduct the AT previously paid & pay the balance.

Thanks to  you Sir for the major guidance . i can calculate my income easily till sep12 and will be very pleased to make the advance tax, ( so basically i should deposit this advance tax @ 30 % of the tax liability on my entire income of supposedly 9.5L or should i pay the entire tax which will be calculated as per my present income i.e  around 1.3L. tax as of now. wholly at once) so as to avoid paying again in sep @ 60% and then directly pay whatever tax liability falls in me next year at march 13.

and what precaution should i take with my future dealings with the firm so as to keep my records updated and be a honest tax paying citizen.

and should i sign the supplier invoice that they will be giving me in few days so to keep proof that i have received the money from then as a supplier for raw material for their trade.for any future events? 

Thanks & Regards

Rajarshi.