Tax Calculation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2011 I have been working abroad last 8 yrs. and recently joined in India on contract basis but terms and conditions same as permanent employee which is due to non parity of salary with permanent employee of same years of experince. Present company deducts only 10 pct as TDS. How is the tax slab applicable to me. what are tax saving schemes available to me.

Vivek Raju P

Vivek Raju P (Expert)
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05 January 2011 The company may be deducting taxes u/s 195J. You need to calculate your tax liability for the year and pay advance taxes as applicable during the course of th year.

You will be subject to the normal tax slabs and there are no varying slabs,

Savings avenues are not much though you may go for investments U/S 80C, infra bonds u/s 80CCF, interest on hime loan repayment u/s 24(b).

As you are on contract basis, LTA and HRA may not be applicable and planning is difficult on that count. However deduction under 80GG can be claimed for House rent.

Other opinions are welcome

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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14 January 2011 TDS deducted as per sec,194J, so try to do savings as per section 80C for reduce the tax. TDS rate fixed it cannot be reduced

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