Dear team, I need know that I have applied for job as contractor in IT sector. They offered me 1200000 however he said 10% TDS will deducted and on remaining salary you mY need to pay tax as depending upon your investment. Is this true company can charge 10% TDS?
Hi friend,
All the best,
But, 10% should be mistaken, it should be more. I think this Rs.12 L offer is under CTC pattern or clear AGC (Annual Guaranteed Cash or Gross salary pa.?). Notwithstanding, subject to other savings eligible for tax deductions, pl.note the following slabs of IT would apply. And TDS will be applied/recovered every month estimated at these rates for the Financial Year 2018-19:
For individuals less than 60 yrs. of age.
Taxable income/salary (after allowing deductions under Chap.VI/80C, D, DD,G etc.):
1. Upto Rs.2,50,000 ................ Nil
2. Above 2,50,000 upto 5,00,000 - @ 5% plus 4% on IT towards Health & Edu.cess
3. Above 5,00,000 upto 10,00,000 - @ 20%plus 20% - do -
4. Above 10,00,000 .. .. @ 30%plus 30% - do -
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