One time income from current account cheque
We are starting with an educational institute, where we will also have paid guest lectures from subject matter experts; who are full time associated with some firm as an employee.
For paying them, we plan to give their fees by cheques drawn on our current account.
The amount would be relatively small (below 10K INR) and given for each session separately.
Now since these guest lecturers are working elsewhere full time; and also not on roll at our institute.
So 2 questions here:
1. Whether this payment method is legal?
2. Whether this earning can cause conflict with their full time employer?
Asked 1 year ago in Income Tax from Jaipur, Rajasthan
1. Payment method is leagl. You may have to deduct TDS @10%, if total payment to any expert in a single financial year exceeds INR 30000 rupees.
2. Each employer has their own terms and conditions. Individual expert has to check the conflict with their employer.
Please feel free to call/revert in case of any queries.
Thanks and Regards
CA, CS, B.Com
Talk to Abhishek Dugar
5.0 on 5.0
If i pay the fees to such guest lectures as 'Honorarium' what are the associated laws/ limits for the same?
Asked 1 year ago