Taxability of retainership income
This query is : Resolved
28 May 2009
Hello Friends,
I need your support in the matter of retainership.
I have the COP and also engaged as retainer in a company. I want to know, whether permission of the institute will be required for this or not.
Secondly, the income as a retainer would be taxable under the head PGBP or Salary.
Please reply at your earliest.
Thanking you,
Yours Truly,
Abhishek Agarwal
I need your support in the matter of retainership.
I have the COP and also engaged as retainer in a company. I want to know, whether permission of the institute will be required for this or not.
Secondly, the income as a retainer would be taxable under the head PGBP or Salary.
Please reply at your earliest.
Thanking you,
Yours Truly,
Abhishek Agarwal
28 May 2009
If you are taking the retainership income as professional charges, then no need to intimate ICAI about this thing, as you already have COP. You must issue proper billing to the company from where you are taking retainership fees, and TDS should have been deducted u/s 194J if covered in TDS provisions. Your income shall be taxable in PGBP. Pls be aware of this fact. Dont show your income under salary even by mistake. CA with full time COP is not allowed to do the job.
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29 May 2009
agreed with Mr. Tarun
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