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Hi,
I am currently on probation period witn an IT comapny. They told me that you have be currnely having the fixed commensation no deductions will be there till you complete your 6 months.
Now the Accounts department is saying that we will be deducting the TDS at 5.1% from your salary.
Can any one please tell me the rules and procedure of the same.
Deepali
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Dear Deepali,
Let me try to answer your query.
The rate of TDS mentioned by you is applicable TDS rate for professional services payments and not for the salary payments.
This means that during current period you are paid towards professional charges and the TDS is deducted accordignly.
YOu need to get the TDS certificates from your company and for that you need to submit your PAN no to them.
YOu will show this receipts as business income and can also claim the expenses incurred by you to render these services. The expesnes will be like travelling expenses, telephone expenses, books, stationery etc.
you need to file your return by 31 July for assessment.
I hope this satisfy your question, let me know if you need more help.
Thanks
Pankaj Patodi
Dear Deepali,
Let me try to answer your query.
The rate of TDS mentioned by you is applicable TDS rate for professional services payments and not for the salary payments.
This means that during current period you are paid towards professional charges and the TDS is deducted accordignly.
YOu need to get the TDS certificates from your company and for that you need to submit your PAN no to them.
YOu will show this receipts as business income and can also claim the expenses incurred by you to render these services. The expesnes will be like travelling expenses, telephone expenses, books, stationery etc.
you need to file your return by 31 July for assessment.
I hope this satisfy your question, let me know if you need more help.
Thanks
Pankaj Patodi
PRIME SPONSOR - TALENTEDGE "Interactive Anywhere Learning". Executive courses from top reputed institutes like IIM, XLRI, MICA. View Courses
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