i recv inr 30000 per month as retaining fee frm a company.Tds being deducted @10%.how to plan tax saving
From India, Madras
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From India, Madras
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Hi,
It's like you have your own small business. At the end of the year, file your return and include this TDS in the return. Well, for tax planning, it would be the same as it is for an individual.
Warm Regards,
Vikas Goel
From India, Mumbai
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11It's like you have your own small business. At the end of the year, file your return and include this TDS in the return. Well, for tax planning, it would be the same as it is for an individual.
Warm Regards,
Vikas Goel
From India, Mumbai
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Hi,
It's like you have your own small business. At the end of the year, file your return and include this TDS in the return. Well, for tax planning, it would be the same as it is for an individual.
Warm Regards, Vikas Goel
Thanks for the prompt reply. How much and which portfolio to invest in? I don't have an insurance policy. I am 58 years old. Should I invest under 80C to the maximum? I think the whole 3,60,000 annual salary will be taxable. Am I right? So, to have nil tax, what should I do?
From India, Madras
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It's like you have your own small business. At the end of the year, file your return and include this TDS in the return. Well, for tax planning, it would be the same as it is for an individual.
Warm Regards, Vikas Goel
Thanks for the prompt reply. How much and which portfolio to invest in? I don't have an insurance policy. I am 58 years old. Should I invest under 80C to the maximum? I think the whole 3,60,000 annual salary will be taxable. Am I right? So, to have nil tax, what should I do?
From India, Madras
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As you are on retainer-ship and receive income from the same under the "Income from Business and Profession" category, you can claim an exemption under section 80C. However, this exemption is only applicable if you have income from salary only. You may claim a refund when filing your Income Tax Return (ITR). In the scenario discussed, you cannot avoid the Tax Deducted at Source (TDS) on retainer-ship fees.
From India, Jaipur
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From India, Jaipur
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PT,ESIC,TDS,FBT ,S[1][1].Tax Calculator.xls
Tax & investment planning .pps