How to calculate TDS on professional fees with service tax
FAQ | Professional Services Guide
Menu
Guide overview
- 1. Professional Services Basics
- 2. Client Management and Retention
- 3. Project Definition
- 4. Resource Planning
- 5. The Ultimate Guide to Capacity Planning
- 6. Project Visibility
- 7. Billing for Projects
- 8. Project Profitability
- 9. Professional Services Software For Project Management
- 10. A Guide to Time Tracking for Consultants and Professional Services
- 11. FAQ
- 12. Glossary
Guide overview
- 1. Professional Services Basics
- 2. Client Management and Retention
- 3. Project Definition
- 4. Resource Planning
- 5. The Ultimate Guide to Capacity Planning
- 6. Project Visibility
- 7. Billing for Projects
- 8. Project Profitability
- 9. Professional Services Software For Project Management
- 10. A Guide to Time Tracking for Consultants and Professional Services
- 11. FAQ
- 12. Glossary
Taxable
How to calculate TDS on professional fees with service tax
TDS stands for tax deducted at source. As ClearTax explains, TDS ensures that “income tax is deducted in advance” instead of down the line.
According to QuickBooks, “TDS under GST [goods and services tax] is deducted at the rate of 2% on the payment made to the supplier of taxable goods and services.”