Hi, My ex-employer is offering m a job again as a consultant for 2 years on a retainer ship contract with fixed monthly remuneration and also a yearly variable component based on performance. Since I am 59 years old I am not being offered the job as regular employee as i have crossed the retirement age.

My questions are :
1) What will be the tax charged to me by the company, will it be a TDS of 10% ?
2) Is GST applicable in this case, if yes who will pay the GST, my company or myself and what will be the % of GST if applicable?
3) Can I claim the TDS during my ITR process, and If I am eligible for filing retruns under Section 44ADA ? Thanks and Regards RSR

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From India, Chennai
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION

Dear RSR62,

Q1) What will be the tax charged to me by the company, will it be a TDS of 10% ?
Ans-1) The TDS will be as per the package slab.
2) Is GST applicable in this case, if yes who will pay the GST, my company or myself and what will be the % of GST if applicable?
Ans-2)Businesses and individuals are exempt from GST if their annual aggregate turnover is less than a specific amount i.e.( businesses/individuals with annual aggregate turnover of less than Rs. 20 lakhs were allowed GST exemption.) You better discuss with the HR, if your payment package is less than exempted limit.

Q3) Can I claim the TDS during my ITR process, and If I am eligible for filing return under Section 44ADA ?
Ans3) You can claim back the TDS on filing the return, the excess deducted if any will be retuned by the IT department.
Regards

From India, Mumbai

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