Tds deduction
This query is : Resolved
18 April 2012
I worked for my friend company for 2 months feb 2011 and march 2011 and he agreed that he will pay 16000 per month as lumpsum but now he had deducted 10% as tds for march 2011.
Please let me know will there be any TDS deduction in this case as iam not an employee and neither there is any salary fragmentation
Regards,
Archana
Please let me know will there be any TDS deduction in this case as iam not an employee and neither there is any salary fragmentation
Regards,
Archana
18 April 2012
Your services might have been recognised as Professional Services and TDS U/s 194J is supposed to be deducted on the amount paid/credited to you.
18 April 2012
section 194J limit mentioned is 30000/month where as my income is 16000 so still there would be deduction.
19 April 2012
Since you have received Rs.32,000/- for two months and exceeding the limit of Rs.30000/-p.a. Hence taxability u/s 194J.
19 April 2012
If the company is under proprietorship then can there be partners in business without changing the propriotorship. Also what would be the tax applicable on second partner if going for partnership
19 April 2012
It will not be treated as proprietorship when new person joins.
Then laws of Partnership act applies and Registration is required under partnership act and bye-laws, profit sharing etc.
Then laws of Partnership act applies and Registration is required under partnership act and bye-laws, profit sharing etc.
20 April 2012
the payment of feb INR 16000 I received in march and march payment INR 16000 i received in April with TDS deduction . So for FY 11-12 there willbe no tds as the amount is less and for FY12-13 iam not working now so again tehre will be no TDs deduction. Please confirm.
20 April 2012
Since it pertains to FY 2011-12 and liability of payment arises in 2011-12 though you received in April.
20 April 2012
but company processed the payment in mid april still it will be deduction.
20 April 2012
TDS of Rs. 3200/- should have been deducted in the month of March. TDS on 32000/- @10% u/s194J will be deducted in the month of March since the limit of Rs. 30000/- has exceeded.
20 April 2012
He must have deposited with the Govt account, you better do your IT filing and get refund.
20 April 2012
You have received many replies and finally it is yes TDS can be deducted as your are not a contractor but the limit restriction your friend has not considered which is quite unjustified and he should not have done this. Anyhow, let your friend deposit the tax and you file the return and claim it.
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