Contract Income

No TDS liability arises on your side. But you will have to file your Income Tax Return to claim the TDS. But you will get a refund only if the TDS is deducted in excess.

You will have to file ITR - 4 as per the business income earned by you

Regards,

Devendra

you will have to file the income tax return for claiming the refund

Originally posted by : Deepak Kumar Singh
	I am a Contractor supplying Labours to a manufacturing Unit. I have submitted overall Bill Value of Rs. 8 Lacs for the Year 2010-11. Please any one help me out how to calculate whether I have to Pay TDS also the company has deducted TDS. Can I get the refund of the Same.. Its Urgent

TDS so deducted would be available to set off against your income tax liablity / refund, provided u file the return of your contracting business with incometax for the year, in ITR 4

I also want to know the how to Calculate Tax for the Year 2010-11 on Rs. 750000/- Bill Value out of which I have Paid to Daily Labour Rs. 675000.00 Pls. help me out

if you have proper vouchers for payment to labour than your contract income will be 750000-675000=75000 rupees only. it means no tax liability on you

I dont have this as i have paid them on daily basis in cash

IF YOU HAVE PAID THEM ON DAILY BASIS HAVE YOU GET SIGNED THEM FOR AMT PAID?

Yes I have the Daily Sheet mentioning the Amount Paid and Signature in the Next Column

THAN THERE WILL BE NO PROBLEM IT WILL BE ENOUGH EVIDENCE

For Contract Income TDS is deducted by the manufacturing unit.

There is no liability of TDS arises from your side.

If you have tax liability, u can set off the amount so deducted by the manufactuing provided they have issued form 16A.

If there is no tax liability, then you can file your return along with form 16A to claim the IT Return.

Hope it helps

Thanks & Regards