What is the TDS rate applicable for retainership fees for the A.Y.2008-09? Whether TDS is to be deducted on retainership fees?
Please reply me.
7 Replies
Vk Duggal
(320 Points)
Replied 04 December 2007
TDS rate will be 10% plus surcharge & cess i.e. 11.33% ot 10.3% as the case may be.
Jagrut Shah
(Chartered Accountant)
(80 Points)
Replied 05 December 2007
Applicable rate is 10% under sec.194J of Income Tax Act. Surcharge is 10% on it.
And 2%+1% Edu. Cess on it.
In Short Tax Rate is 11.33%
And 2%+1% Edu. Cess on it.
In Short Tax Rate is 11.33%
(Guest)
Dear Nirmal,
When a professional is not employed on a salary basis,he is said to have been retained by his client for rendering professional advice at a fee of a certain amount on a monthly or any other basis.Like after completing your CA you may be offered to render professional advice to your client on a monthly fees of say Rs.25000/-.This is retainership fees.
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