Hi !!
My previous comapny got in Liquidation in April 2010. I got my Salary for April 10, May 10. In addition to this I also get 2 months advance salary as per agreement as company gave us very short notice.
In June 2010, I got another job in a new company. Because company registration process was going on and it will continue till March 2011, company made a Professioanal agreement between me and their agent in Mumbai. Based on this agreement, I am considered as an Professional consultant and for which there is a Professional fees I will charge to agent. This agreement is from June 2010 to March 2011. When I receievd payment fro this agent, they deduct 10.3% TDS on my fees and they will issue Form 16A at the end of fin. year.
Total amount I will received from my old company will be 2,50,000 and professional Fees after TDS from agent will be 8,51,000 by 31st March 2011. My questions are as below.
1> How I should filte IT return for 10-11.
2> How I can save my tax ?
3> Which are excemptions I can show to reduce my taxable income and file return for max refund on TDS deducted.
4> Where supporting required ? e.g Rent Receipt, Petrol Allow, Travel Allow and other exp like purchase of Comp etc..
Pls. note, From April, 2011, I will work as an employees of new company. This agreement was only for 1 year and I didn't register myself / my company with any govt dept for current year.
Pls. ans my above questions.
Thanks You and Regards,
Aniruddh Patel
CAclubindia
