Thread Started by #Vidya2903

Hello Sir,
I Am Working As A Contract Employee With A IT Firm (Direct With Company). My Monthly Salary Before TDS Is Rs. 40000.
As Per My Knowledge Rs. 4000 Every Month Would Be Deducted As TDS, Which Would Be Rs. 48000 P.A .
My Question Is Can I Ask For The Refund Of The Above Rs. 48000 While Filing The IT Returns? If Yes, How Much Would Be The Refund?
How Is The ITR Filed For Contract Employee? Can We Show Our Saving For PPF & LIC & Ask For The Refund.
21st July 2016 From India, Bengaluru
Dear Vidya,
Before few days you had even post the same query...............
any way yes 10% TDS will be deducted by your company under section 194J however for individual income upto 2.5 Lacs is exempt. obtain form 16A (TDS Certificate) from your employer and file the return. PPF & LIC is admissible for deduction under section 80C subjected to maximum 1.5 Lacs. not only above 48000 refund is subjected to taxable income after considering all the deductions if there is No Tax liability entire TDS will be refund,
Warm Regard
Devesh Chauhan
Practicing In Accounts, Finance, Taxation, Labour Laws
21st July 2016 From India, Basti
Reply (Add What You Know) Start New Discussion

Cite.Co - is a repository of information created by your industry peers and experienced seniors. Register Here and help by adding your inputs to this topic/query page.
Prime Sponsor: TALENTEDGE - Certification Courses for career growth from top institutes like IIM / XLRI direct to device (online digital learning)

About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2017 Cite.Co™