If we earning income i.e. salary from various co. op. societies for looking thier accounts as a part time basis. These income will fall under which head? And in which section we need to deduct TDS on total income? And please let me know what is the due date for such tds payment?
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Tds on salary
Replies (1)
Hi Mamta,
If payment is received as salary only, then it will be taxable under the head ‘ Salaries’
If received as a consultancy charges then under ‘Business and Profession’
TDS,
On salary payment under section 192B (if payment exceeds exemption limit)
On consultancy fees under section 194J (if fees paid / payable exceeds Rs.30,000 p.a.)
TDS is payable within 7 days from end of month in which TDS is deducted (i.e. if TDS deducted in April then due date will be 7th May)
Regards,
Devanand
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