I am working as an Inspector in a HFC on contarct basis. The employer deducst TDs @ 1% on the monthly amount padi to me. Whether the entire amount received is to be shown as income or I can report only 50% of the amount as assessable to tax after deducting expenses like conveyance and transporattaion.
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Tds on contrct income
Replies (2)
I Think
Its your business and u can claim your claimable all expenses, means make PL and balancsheet accourdingly pay tax on profit, and u can take advantage of sec 44AD.
Mr. Mohan
to my mind and what i undstood from you querty, you are working as an employee on contract basis hence you are not eligible for any deduction of expenses u/s 28 to 44.
you are getting salary from HFC and your appointment is on contact basis.
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