Dear team,
I need to know that I have applied for a job as a contractor in the IT sector. They offered me 1,200,000; however, they said 10% TDS will be deducted, and on the remaining salary, you may need to pay tax depending on your investments. Is it true that the company can charge 10% TDS?
Thank you.
From India, Mumbai
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I need to know that I have applied for a job as a contractor in the IT sector. They offered me 1,200,000; however, they said 10% TDS will be deducted, and on the remaining salary, you may need to pay tax depending on your investments. Is it true that the company can charge 10% TDS?
Thank you.
From India, Mumbai
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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, please 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 up to 5,00,000 - @ 5% plus 4% on IT towards Health & Education cess
3. Above 5,00,000 up to 10,00,000 - @ 20% plus 20% - do -
4. Above 10,00,000 .. .. @ 30% plus 30% - do -
From India, Bangalore
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1272All 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, please 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 up to 5,00,000 - @ 5% plus 4% on IT towards Health & Education cess
3. Above 5,00,000 up to 10,00,000 - @ 20% plus 20% - do -
4. Above 10,00,000 .. .. @ 30% plus 30% - do -
From India, Bangalore
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