i recv inr 30000 per month as retaining fee frm a company.Tds being deducted @10%.how to plan tax saving
From India, Madras
From India, Madras
Hi,
Its like you have ur own small business. At the end of the year, file ur return and include this TDS in the return. Well for tax planning it would be same as it is for individual.
Warm Regards,
Vikas Goel
From India, Mumbai
11Its like you have ur own small business. At the end of the year, file ur return and include this TDS in the return. Well for tax planning it would be same as it is for individual.
Warm Regards,
Vikas Goel
From India, Mumbai
thanks for the prompt reply.how much and which portfolio to invest .dont hv an insurance policy .age 58. shud i invest under 80 c max ? i think the whole 3,60,000 annual sal will be taxable am i right . so to hv nil tax what to do?
From India, Madras
From India, Madras
as you are on retainership and income from the same under the income from business and profession head. You can claim the exemption under section 80c if you have income from salary only. You can claim for a refund while filing the ITR. in the scenario discussed, you can not avoid the TDS on retainership fees.
From India, Jaipur
From India, Jaipur
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TDS circular.pdf
Format--new TDS rates.xls
BASICS OF TDS ON SALARY-1.doc