20 January 2016
I got a Directors sitting fees from a Bank which is a part of "Income from Other Sources" but the Bank deducted TDS and submitted by section 194J now it shows a professional income & I got a demand. Please help me how to rectify the same if I make a rectify return by putting the same in professional income I got an Interest liability.
20 January 2016
UNDER SEC 194 J (1) HAS BEE EXTENDED TO ANY REMUNERATION OR FEES OR COMMISSION OTHER THAN THOSE ON WHICH TAX IS DEDUCTIBLE U/S 192 FOR DIRECTOR OF A COMPANY.SO SITTING FEES IS PART OF PROFESSIONAL INCOME. IF YOU ALREADY FILED YOUR RETURN YOU CAN JUSTIFY THAT THE INCOME IS CONSIDERED IN OTHER SOURCE. IN VIEW AND SUBMIT COMPLIANCE IN ONLINE TAX LOGIN.
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