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TMI BlogTDS Question / If I am Liable to Pay TDS @5,000 P.M.?X X X X Extracts X X X X X X X X Extracts X X X X ..... Hi Raghavendra Varma , My Employer plans to deduct ₹ 5000 (at 10%) on Total Profit + Base Salary. Please find the details below: Company Balance: 225,000 + Taxes Client1 = 257,000 250,000 All inclusive Client2 40,000 + taxes Client3 = 44,000 Total :- 551,000 Company Deductions for Profit Sharing: TDS 10% : 55,000 Service Tax 14% : 77,000 (Approx ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Cess : 2750 (Approx) Me (Base Salary: 40,000 Gagan : 45,000 Vishwesh : 28,000 Rakesh : 30,000 Ritesh : 80,000 New Laptop for Shailesh : 50,000 (Approx) Server : 10,000 Mainak : 25,000 (Approx, to be decided) Misc Expenses 8,000 Balance Profits : 100,000 My 10% Share = 10,000 Total Payable to Me = 50,000 (Base Salary + 10% of Profit) N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow over this balance as well, my employer asks: The company shall deduct 10% of 50, 000 The company shall deduct PT Which basically means I would get Balance Amount - TDS + PT = Actual Revenue per month = 50, 000 - (5000 + 200) = 44, 800 INR My Question is: On Profits, Company TDS was already calculated, 10% of overall should be again calculated? Which ITR form r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn should I e-fill? Kindly let me know the details. - Reply By Ganeshan Kalyani - The Reply = Sir, the salary paid by the company is accounted in the debit side of the P L which means company is getting deduction of the expense and net amount is offered for Corporate Tax. Since salary is not taxed in the hands of company it is taxable in the hands of employee. Thanks. - Reply By Raghav B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... harat - The Reply = Thanks for the prompt reply. I've two generic questions to be answered here without going much deeper into this. Which ITR should I file return against? ITR4 or ITR4S or shall it be ITR1? What returns should I expect assuming that my: Base Salary = ₹ 40, 000 No Deductions Profits: ₹ 10, 000 Overall Balance is TDS deductable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kindly let me know these specific details. - Reply By Ganeshan Kalyani - The Reply = Sir do you have income from house property also. Do you have income from other source also. These will determine which form you should be selecting for filing of return. Thanks. - Reply By Raghav Bharat - The Reply = Hi, No, I do not have any other sources of income or income from home rent, etc. I ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven't invested in any NSC or Gramin Scheme as well to save taxation. I'd therefore like to know the tax liable to me over ₹ 50, 000 P.M with: TDS deduction @ 10% of overall ITR form which I need to fill Whether Return would get back my TDS deducted Thanks for the prompt revert on this one. - Reply By Ganeshan Kalyani - The Reply = In my view it is ITR 4. - Reply By Rag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hav Bharat - The Reply = Thanks a lot, but I don't see e-filling has this form? and whether Return would get back my TDS deducted? - Reply By Ganeshan Kalyani - The Reply = Please visit www.incometax.gov.in. - TDS Question / If I am Liable to Pay TDS @5,000 P.M.? - Query Started By: - Raghav Bharat Dated:- 1-5-2016 Other Topics - Got 7 Replies - Indian Laws - Discussion Forum - Knowledge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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