TDS Exemptions

Hi,

My source of income is through consultancy, for which am getting a monthly fixed amount after deduction of TDS @ 10%, Can I get the benifit of rebates in my insurance premiums, house rent being paid.

Best Regards

Amul

Replies (4)

Dear Sir,

Yes u can claim the benefits of Life insurance u/s 80C

Rent paid will can be claimed u/s 80GG........

Income tax is not that harsh on consultants u see............:))

 

Title of ur query suggests that u dont want that ur TDS should be deducted at such a high rate...So TDS will be deducted but the above benefits can be claimed by filing Return and u can seek refund. 

yes u can claim

Section 80GG
Under this section a non-salaried person or a salaried person, if, not getting house rent allowance, he/she can claim to the deduction for the rent he pays for a residential accommodation. The deduction available is least of the following:

  • Rent paid in excess of 10 per cent of total income.
  • 25 per cent of total income.
  • Rs 2,000 per month.

The total income of the individual is computed after reducing the amount deductible under other sections, receipts exempt from tax, and long-term & short-term capital gains taxable at concessional rates.

The deduction is not available if the assessee or his spouse or minor child owns the accommodation in which he stays or works, or carries on his business or profession. Deduction is even not allowned, if the assessee owns a house in any other place, and the concession in respect of self-occupied house is claimed by him.
 

Yes, you can claim the benefits............

Yes  u can claim, if u are individual. (ie.. that consultancy busniess should not  be a firm or company)

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