How much i need to pay tax

Hi,

Please clarify whether you were in the payroll of the company or not??

CA Ketan Kothari

If company has paid you for your professional services they must have deducted TDS under Section 194J and issued you form 16A (generated from NSDL) quarterly (within 30 days from end of each quarter) In this case you may file ITR 4 assuming income from business and profession after deducting expenses. You can also claim deduction of house rent paid under section 80GG If Company has not issued you any form 16A, It means the amount you have received may be of salary. In this case also company may have deducted TDS under section 192 which you can check from your online form 26AS So you are firstly directed to check your from 26AS or contact company for details of your salary because you may have received amount after TDS which is need to be correctly calulated

Thanks for your Replies.

1)I'm not comes under Payroll of Employee ,I'm Contract Employee of Company (they are paying amount 70000 Rs through check in my account)

2)Company not deducted any amount(they deducted only Professional Tax -200 )  in account they are saying I need to file Tax personally .

so if I'm filing the Tax for 8Laks Rupess (after deduction of 1,80,000+1,00,000(80c,80ccc schemes) 

remaining 5 Laks Rupess If I'm filing personaly can I get benfits can show House Rent+Transport+Telephone Reembursement 

I will comes under 194 J professional services ....

Dear Rama,

1st the company is on fault not deducting Tax.How come they can do this No TDS ?.This is obligation on company paying.You as professional.Then you must have paid advance Tax.Now pay tax as professional by claiming exp.also one have to see the contract of agreement with you from copmpany.This have word employee only then you will get employee benafits.

hi,

Company should have deducted tax on the payment made to you. They are at fault.

As they havent deducted tax at source you need to pay advance tax by 31st march to avoid any additional intrest u/s 234.

yes you can claim  deduction for  House Rent U/s 80GG.(Profvided resendtial)

Transport and telephone expenditure can be deducted as expenses from your proffessional income as expenses for providing service.

If house was office you can claim the rent paid as expenses for providing professional service.

For excat calculation you need to share complete details of your income.

Regards

Ketan Kothari

Thanks for replies experts...

yes here company means 20 members working in software company they said we are small firm we pay the Consultancy service amount  you need to pay  Tax all those things so they are giving liberty to employee.

my monthly Income=70000 x 10 months =700000(2 months i did not work any where)

Earnings      =                                                              700000 Rs

80c                =                                                                - 85000 Rs

HouseRent(80gg) =                                                  -120000 Rs(12k  x  10 months)

Telephone/Internet(for professional sevice)=      -30000 Rs(3k x 10 months)

Transport                                                            =       -30000 Rs(3k x 10 months)

so Total   700000-265000=    435000 Rs

minimumearnings (180000)=-180000 Rs

Afetr deduction Total =255000 Rs

for 255000 how much I need to pay Tax  other than above items can I show any other Tax deduction items.

THanks

Hi 

Any body plz give me above post reply How much I need to pay Tax

Thanks

 

Dear Rama, 

Treated urself as self employed, you can deduct all the expenses related to yr business. But while deducting u/s 80 GG some conditions are there. Rent paid in excess of 10% of your salary, 25% of the salary, or 2000 pm whichever is least will be taken. So, you are not supposed to deduct the entire rent paid. SEE THE WORKINGS

 

 

for resident women the xemption limit is 190000 not 180000

n ur tax calculation goes like this: (435000-190000)*10%=24500

Hence u need to pay tax of rs.24,500 

for resident women the xemption limit is 190000 not 180000

n ur tax calculation goes like this: (435000-190000)*10%=24500

Hence u need to pay tax of rs.24,500 

yaa sry I do agree with kangaraj sir...

i didnt check your 80gg details properly..