25 December 2012
Hi I am working as Contractor with Software company and my consultant charges are 7.5L per annum . From April to mar 2013 I can pay approx. 75-80K as TDS. Can you please clarify Is I am eligible to file for tax returns. and where can I invest so that to get my deducted amount back . I am planning to take Insurance Jan 2013 of preminum 50K per year. Ques: If I pay 50K in 2013 to Insurance , how much I will get from deducted amount . 2) Can I file the Room Agreement papers . If I paid 15K*12 = 180000 as room rent How much I can get from this : Total : Investment 50K(insurance) 1.8K(room rent) Tax deducted 80 K How much I can get back to my account :) Thanks in advance
26 December 2012
Mr Nitin-You need not maintain any details books or room agt. papers etc. Simply put 8% on your gross receipts as your income [ie 750000*8%] and deduct there from your LIC/PPF etc
750000 @8% = 60,000.00 [which is less than the IT slab and hence you need not pay any Income tax and can claim refund of entire TDS made by your s/w company
Thanks for your reply ... Please make me clear , ...
I am paying TDS as 10% of salary , and my company is not deduction any PF and other charges.. So , You mean that I didnot need to invest 1Lakh to get Tax amount back ?/
What you suggest me , As till now I didnot invest a single money in investment /.. Please sugeest me
26 December 2012
Mr Nitin..First inform me whether you are receiving Salary or contract fee receipts frm the s/w company.. If you are an employee of the co. my previous answer is totally not relevant. and if you have only commercial relation ship as a business man [b2b] than my answer is totally applicable you refer the TDS certificate issued to you for the last quarter and refer the section under which the TDS is made. It should be 194C or 194 I but it should not be 192. if it is Sec 192 then you are an employee of the co. Pl elaborate and my i/d is bsn_ganeshan@yahoo.co.in or mailtoauditorganeshan@yahoo.com Good luck
I am getting the salary slip from my company pvt ltd. in which they will deduct only TDS NEW as 10% of my monthly approx 5625 Rs.every month. And I confirm from my HR that it is under 194J. I also checked they will provide me Form 16 later .
Now what should I do to get this deducted amount back . I calculate from april 2012 to Mar 2013 , I will pay approx 62450 Rs.
What should I do as I dinot invest any where to save my tax yet and laos I am very new as first time I am paying tax from my salary.
26 December 2012
Mr Nitin if the TDS sec is 194 J [fee for technical services] your relation ship with the co. is B2B and hence sec 44AD is applicable.
You may squarly adopt my first answer and need not invest into any amt if your gross recipt for the Financial year 2012-13 is 7.50lakhs
27 December 2012
Mr Nitin- It is mis under stood by you.. I am summarizing here
Your TDS is made u/s 194 J you are not an employee of the co. your gross receipt is 800000.00 your income is atleast of 8% in 800000 You need not pay any Tax as Income tax You can claim 100% refund of TDS made Your TDS should be checked in 26AS of NSDL You need not invest any amt to save Tax
The 200000.00 mentioned is your income on adhoc basis which will fetch a loan in later years . showing more than 8% of the receipt is at your option only
27 December 2012
Hi Ganeshan Many Many Thanks ......
next month I will be on the Payroll of MNC from contractor to permanent employee, That time I need all these investments papers. So as you advised I am investing 50K in insuarance...
Anything you want to update here so that i can go in right path .
CAclubindia
