Let's say, a Salaried employee of IT Company earns Income_A in his regular job. Let's say he also earns additional income as Visiting Faculty (say, Income_B) in a one time stint. The remuneration from the Visiting Faculty stint would be subjected to TDS of 7.5% currently. My question is what happens when Filing is done next year? There would be 2 Form16s (one from regular job at IT company & another pertaining to Visiting Faculty income)? And, guessing that the total income from these sources needs to be calculated & the appropriate Tax Slabs applied. Would Income_B be taxed again? Even if this is not a case of double taxation, would Income_B counted under a higher income tax slab rate than the TDS rate? (Assuming Income_A itself places the person in high tax slabs)
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If Salaried employee of IT Company also earns addl. income as Visiting Faculty, double taxation?
Replies (1)
As per as I understand your question as per your saying he gets two remuneration and two form 16
Add both the income and other income if you have less deduction as per section if you have what ever is net income tax will on that as per the slab
Then tds adjusted if remain then refunded
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