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TDS on Professional Fees

Indrajit Mondal (Service) (142 Points)

16 October 2008

Dear All,

A Company was paying from 1st Apr,08 an amount by the way of Professional fees of Rs. 6,000/- per month to some one lady, the Company has already paid upto Aug,08 means Rs. 30,000/- (6,000 x 5months) which is attract for TDS but the company has not deduct any TDS from the payment. Now the company wants to deduct the TDS from the payment of Rs. 6,000/- for the month of September,08.

Is it possible to deduct the TDS amount ?

If it is possible, so how much TDS amount wiil be deduct for the month of Sep,08 amount

Pls advise me

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19 Replies

(Guest)

hi, your professional fees P.M 6000/- means yearly 72,000/- p.a as per income tax rules 10.3% tds deducted in ur fees means 7416/- yearly . company has forget the deduction of tds in ur fees but they are liable to pay tax dept & that much amt recover in your fees annualy any time.....

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(Guest)

The company should deduct the TDS amount on fees amount not deducted earlier from the current bill of rs 6000/ and pay the balance amount to the lady.

regards

Yogesh

munna (audit) (31 Points)
Replied 16 October 2008

Originally posted by :Indrajit Mondal

Dear All,
A Company was paying from 1st Apr,08 an amount by the way of Professional fees of Rs. 6,000/- per month to some one lady, the Company has already paid upto Aug,08 means Rs. 30,000/- (6,000 x 5months) which is attract for TDS but the company has not deduct any TDS from the payment. Now the company wants to deduct the TDS from the payment of Rs. 6,000/- for the month of September,08.
Is it possible to deduct the TDS amount ?
If it is possible, so how much TDS amount wiil be deduct for the month of Sep,08 amount
Pls advise me

in the month of september co. should deduct tds on whole amount I.e upto aug 30000 +6000(sept)= 36000. on 36000 tds liability will be calculate @ 10%. .the balace amount will paid to party.

CA Annie (Chartered Accountant ) (747 Points)
Replied 17 October 2008

Tax has to be deducted on the total amount and not on the excess.

1 Like

Amit (Service) (42 Points)
Replied 17 October 2008

yes deducted tds.

calculate tds from april'08

amit

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SANJAY VERMA (Chartered Accountant) (334 Points)
Replied 17 October 2008

Deduct tax from current bill on 42000 @ 10.3% and deposit it before 7th of Nov. 08 then deduct tds per month on Rs 6000 and deposit within due date.

1 Like

(Guest)

Hi.,

May know., how much amount will be deduct from my salary for TDS.,

For Ex., My salary Rs. 12,000 (gross pay / Month)

can one help for detiled TDS Calculation.,

Is income Tax is entirely different from TDS yes or No?

Is there any tax relaxation like LIC, Donation etc., is applicable for TDA.,

Can any help me for the above my queries.,

Regards,

Suresh/

Ramesh Kumar Swami (Accounts Supervisor) (24 Points)
Replied 10 October 2009

Hi,

I want to know that i am a professional (Doctor) . In my Nursing Home I Purchase a Machine and i am paying 40000/- Annual maintenace . Should i Deduct TDS as a contract?

Ramesh Kumar Swami (Accounts Supervisor) (24 Points)
Replied 10 October 2009

Hi,

Can any help me for the above my queries.,

Regards,

Ramesh

Batul (Article assistant) (207 Points)
Replied 27 October 2009

hi! TDs is deductible if the single payment exceeds Rs 20000/- or the annual payment exceeds rs 50000/- hence in your case TDS is applicable and so it should be deducted rights from the month of April 08 @ 10.3% on each payment however interest @ 1%pm will be attracted on tax deduction for the period april to august

1 Like

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CA MARUTHI GANDHI (JOB) (60 Points)
Replied 27 October 2009

Originally posted by :Ramesh Kumar Swami
"	Hi, I want to know that i am a professional (Doctor) . In my Nursing Home I Purchase a Machine and i am paying 40000/- Annual maintenace . Should i Deduct TDS as a contract?	"

Mr Ramesh Kumar. For Deduction TDS one should have TAN Number and that to the people who are covered under Tax audit should have to deduct TDS. in your case if you come under the perview of Tax audit and then for deducting TDS you have to apply TAN.

Neena bhatia (Senior Accountant) (27 Points)
Replied 04 December 2009

Hello ,

Please help me . We have Paid TDS more on professional fees. Can excess payment adjusted to next quarter period. We are filing Quartely TDS Return. whether excess payment to be claimed refund from tds department.But how.

Neena bhatia (Senior Accountant) (27 Points)
Replied 07 December 2009

hi experts,

please help me .it is very urgent.excess payment on professional fees paid through on line.My question is can i adjusted excess amount in next quarter. or excess payment paid to tds department ,can get refund from them .but what is procudure for that.