Tax doubts on induival

TDS 363 views 5 replies

Raja.India

Other

24 Points Joined August 2017

Hello To Everyone

This is my first question. As I'm a software programmer I create Software/Website by my own. Before 1 year I work for one company now the company is close, so i'm freelancer handling existing customer software. My question is

1) My customer is paying me each month 10k and i have 3 customer as of now they are charging me 1% TDS of each customer.

2) In future if I install to new customer and if they pay me more then 10K whats is TDS..?

3) Is i need any GST Bill to give my customer..?

4) Already Those Compnay are dedcuted TDS Is i have to pay income tax again?

Waiting For Reply

Thanking You

Replies (5)

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

since you are working as a freelancer by providing software solutions to your clients your income wud be considered as professional income and hence your clients need to make TDS @ 10% and not 1%. please advise them nit to deduct tax @ 1%..
after computing your tax liability your TDS already made by your clients will be reduced and you need to balance tax if any

Raja.India

Other

24 Points Joined August 2017

Hello

You mean to say Is each company has to deduct 10% in 10k of my each month pay..? or 10% for one year for each company..?

Ashwin Kumar

1234 Points Joined August 2017

they have to deduct 10% on each pay...i guess

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

yes each Co need to deduct tax @ 10% as the total prof fees exceed 30000 during the financial year

Luvish Jain

Tax Consultant

507 Points Joined November 2012

dear mr.raja
dont worry let them deduct your tds at 10% later on at the time of filing return of income u can claim them all as refund if your total income comes to nil taxable.
if u want clarification you can pm me directly.