Tds + other income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 February 2013 My company deducts TDS(i.e 10%) from my retainership fee. Do I still need to pay tax on my net income?My remuneration is 5 lpa.PLease also let me know
i)whether I can claim it while filing ITR form,
if yes which FORM i need to file while filing ITR.
ii)is TDS refundable, if yes how and what all this can be claimed ( for example House rent, medical reimbursement, house loan etc) Pls help. Thank you very much in advance, ur suggestions are appreciated.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 February 2013 TDS is a rate based deduction whereas you Tax Liability is slab based.
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It's a co-incidence that your tax slab and TDS are under the same range.
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You may not require to pay tax, but you may get refund on filing your ITR as you may be having credit of tax after adjusting your tax liability against the TDS.
.

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Anand

Anand (Expert)
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15 February 2013 Yes you can also claim expenditures such as conveyance, books and periodicals, depreciation on computer or vehicle etc that may be used by you

CA Prashant Gupta

CA Prashant Gupta (Expert)
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15 February 2013 TDS doesn't realte with your personal income tax entirely
it is part of it
if you don't have any other income then it is possible that you will get it refund.
if you have other income also then calculate your income tax and deduct TDS from it. then if payable then pay. if not then get refund.

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