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| *The Commerce Journal>>>India Taxes |
My yearly income is Rs-101160,Is my Salary is Taxable? |
Actly company deduct TDS from my salary @ 10.33%,So how can i get back ? For this running financial year 2007-08, the tax exemption limit for Male individual is Rs.1,10,000. So your salary is not taxable. You can tell your company not to deduct TDS as your income is below taxable. no nt at alll dont worry...... No Your salary is not all taxable. file the income tax return with ito and ask for refund. the taxable amount is rs 1160, in case u dont have any savings like Provident Fund, Insurance etc., the tax due to be deducted is 116 plus 2 % plus 1 %. if the amout deducted by your company is more, u have to take refund from income tax department. if it is deducted at 10.33 % means u r not on salary but on contract job ( tds on payments to professionals s194J ) no.relax You have been paid on job contract. The percentage of deduction is 10.3% at source. You have to take tax deducted details and file your tax return to make claim. Tax is exempted upto 1,10,000. Taxable income you can avail tax rebate for savings upto 1,00,000 on PF and other securities which will provide tax relief. |
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