Dear Mr
The thing is you need to deduct TDS on retainer ship bill @ 10% in the respective bill he claims provided the total retainer ship fee does exceeds Rs.20K during the financial year. Otherwise not mandatory. Further professional tax doesn't attract in this case. If u subjected to deduction of TDS u may have to remit to IT on a quarterly basis through form 26 A on Q1, Q2, Q3 & Q4 Challans. Finally issue TDS Certificate of form 16A see rule 31(1)(b) to the concerned retainer on an annual financial year basis showing all payments of retainer ship along with tax deducted at source to enable him to file his annual return for claiming tax adjustment / refund as the case may be. Hope the above shall suffice your requirements.
Rgds,
Devarajan.N
From India, Madras
1The thing is you need to deduct TDS on retainer ship bill @ 10% in the respective bill he claims provided the total retainer ship fee does exceeds Rs.20K during the financial year. Otherwise not mandatory. Further professional tax doesn't attract in this case. If u subjected to deduction of TDS u may have to remit to IT on a quarterly basis through form 26 A on Q1, Q2, Q3 & Q4 Challans. Finally issue TDS Certificate of form 16A see rule 31(1)(b) to the concerned retainer on an annual financial year basis showing all payments of retainer ship along with tax deducted at source to enable him to file his annual return for claiming tax adjustment / refund as the case may be. Hope the above shall suffice your requirements.
Rgds,
Devarajan.N
From India, Madras
Dear Mr. Devarajan.N
For the current financial year (2010-2011) TDS is applicable if total paid amount exceeds Rs 30,000 and not 20,000 as mentioned by you.
My humble request is to clarify your input on the subject.
Regards,
Kamal Prasoon Sinha
20-12-2010
Pune
From India, Pune
For the current financial year (2010-2011) TDS is applicable if total paid amount exceeds Rs 30,000 and not 20,000 as mentioned by you.
My humble request is to clarify your input on the subject.
Regards,
Kamal Prasoon Sinha
20-12-2010
Pune
From India, Pune
Dear ....,
You must deduct the tax @ 10% on gross amount of bill & if your organisation is covered under ESI & PF then you should also deduct the ESIC, PF amount. This will help you in your future audit of ESI & PF, else you will be liable for audited liability.
Regards,
Jagtap Dinesh
Sr. Manager Budget, Finance & Accounts
Induction Group
Nashik - Maharashtra
+91 88888 44614
From India, Pune
You must deduct the tax @ 10% on gross amount of bill & if your organisation is covered under ESI & PF then you should also deduct the ESIC, PF amount. This will help you in your future audit of ESI & PF, else you will be liable for audited liability.
Regards,
Jagtap Dinesh
Sr. Manager Budget, Finance & Accounts
Induction Group
Nashik - Maharashtra
+91 88888 44614
From India, Pune
Sub: TDS on retainership fee
TDS on retainership fee,Retainersip fee agreement is nature of consultancy,TDS will attract @10% u/s 194J so that you have to deduct 10% tax on gross bill.
With regards
manoj kumar singh
From India, Gonda
TDS on retainership fee,Retainersip fee agreement is nature of consultancy,TDS will attract @10% u/s 194J so that you have to deduct 10% tax on gross bill.
With regards
manoj kumar singh
From India, Gonda
Unless you clarify what is your arrangement with your so called "Retainer' it may not be appropriate to give you
the proper advice meaning, an employee, or a consultant/professional like CA, Lawyer, Architect etc., or a contractor. Pl.clarify
From India, Bangalore
the proper advice meaning, an employee, or a consultant/professional like CA, Lawyer, Architect etc., or a contractor. Pl.clarify
From India, Bangalore
Dear Mr. Dinesh Jagtap,
For retainership/professionals deduction of PF & ESI is dependent upon the employment contract. If it is mentioned in the employment contract that employer will deduct/contribute PF & ESI then only its applicable otherwise not.
PF & ESI deduction is not applicable in all such cases.Only TDS deduction under section 194J is applicable in all cases.
Regards,
Kamal Prasoon Sinha
21-12-2010
Pune
From India, Pune
For retainership/professionals deduction of PF & ESI is dependent upon the employment contract. If it is mentioned in the employment contract that employer will deduct/contribute PF & ESI then only its applicable otherwise not.
PF & ESI deduction is not applicable in all such cases.Only TDS deduction under section 194J is applicable in all cases.
Regards,
Kamal Prasoon Sinha
21-12-2010
Pune
From India, Pune
Dear Friends;
Love;
I retired on 3rd September 2010. From 1st October 2010, my company appointed me as a consultant with a consolidated salary of Rs. 50,000/- per month (No other perks). Now every month I am paid Rs.45,000/- after deducting 10% TDS. I would like to know whether TDS is applicable to me or not? If yes, whether I need to collect TDS certificate after every three months or at the end of the financial year?
Can anyone guide me?
His Blessings;
Sharad (Ahmedabad)
09825847733
From India, Ahmadabad
Love;
I retired on 3rd September 2010. From 1st October 2010, my company appointed me as a consultant with a consolidated salary of Rs. 50,000/- per month (No other perks). Now every month I am paid Rs.45,000/- after deducting 10% TDS. I would like to know whether TDS is applicable to me or not? If yes, whether I need to collect TDS certificate after every three months or at the end of the financial year?
Can anyone guide me?
His Blessings;
Sharad (Ahmedabad)
09825847733
From India, Ahmadabad
Dear Mr.Sharad Shah,
TDS is applicable in your case under section 194J. The company will provide you TDS certificate (Form 16A) at the end of the financial year.
regrads,
Kamal Prasoon Sinha
23-12-2010
Pune
From India, Pune
TDS is applicable in your case under section 194J. The company will provide you TDS certificate (Form 16A) at the end of the financial year.
regrads,
Kamal Prasoon Sinha
23-12-2010
Pune
From India, Pune
If any person retire from the organization and appointed as Retainer, In that case what will be the Rate of TDS.
From India, Calcutta
From India, Calcutta
Retainer is between employee and professional.
The work is directed by principal, and attendance to work is also set by principal., but manner in which work is to be done is more flexible than in employee relationship..
in professional relationship, how to perform work is totally left to professional.
From India, Mumbai
The work is directed by principal, and attendance to work is also set by principal., but manner in which work is to be done is more flexible than in employee relationship..
in professional relationship, how to perform work is totally left to professional.
From India, Mumbai
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Amendment in Section 192A of the IT Act, 1961- Instructions for deduction of TDS on withdrawal f.pdf