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Consulting charges

13 September 2024

I am getting paid by one of the company for consulting.. how is the tds work done here ... do I need to pay tax for the amount paid by them or they deduct the tds and pay me .. do I need to have tds certificate. Please help

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 13 September 2024

How much amount will be paid by the company?

Whether lump sum or as per any terms?

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Shaini vs (5 Points)
Replied 13 September 2024

Approximately 15 lac in 3 months

Shaini vs (5 Points)
Replied 13 September 2024

Approximately 15 lac in 3 months

Pranav Aggarwal (525 Points)
Replied 13 September 2024

Yes company will deduct TDS at the rate 10% on all payments

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 13 September 2024

Yes, Company will deduct TDS and pay the remaining amount. It will also give you form 16A, i.e. TDS certificate.

You will require to file relevant ITR and pay additional tax liability, if any.

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S B UNNI (TAX PRACTITIONER) (44 Points)
Replied 14 September 2024

One of my client, who is a trust, duly registered u/s 12AA of IT Act filed their i ITR for 19-20 AY without mentioing the Reg.No.u/s 12A already issued long back. The trust was filing their returns since last 20 years with Regn.No. Due to oversight they did not mention the Regn.No. in 19-20 in their ITR. No reply was also given to the department for the defects mentioned by them through notice. The expenses claimed by the trust was disallowed and a huge demand was created. Rectification application was filed thrice, but of invain. How can the trust cancel the demand created due to a minor mistake of not mentioning the Regn.No.

Pl.help..