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+--- Thread: Regarding TDS Deduction (/showthread.php?tid=1507)
Regarding TDS Deduction - rajesh9aug - 08-07-2013
Dear Admin,
As you have made it mandatory to mention rates in all posts, i was wondering if you could make TDS details also mandatory to be posted along with rates.
There are some small firms, which do not disclose in their posts regarding TDS, but when it comes to payment after a month, they deduct around 10.2% or so as TDS.
Suggestions from members of this forum is also invited.
RE: Regarding TDS Deduction - S. Rajavelu - 08-07-2013
(08-07-2013, 04:37 PM)rajesh9aug Wrote: Dear Admin,Dear sir,
As you have made it mandatory to mention rates in all posts, i was wondering if you could make TDS details also mandatory to be posted along with rates.
There are some small firms, which do not disclose in their posts regarding TDS, but when it comes to payment after a month, they deduct around 10.2% or so as TDS.
Suggestions from members of this forum is also invited.
TDS deduction is mandatory for all professionals who earn more than 75000 per month and the same (the TDS amount thus detected) shall be claimed as refund if your income remain within the exempted limit. Please consult an auditor and he will guide you regarding this.
RE: Regarding TDS Deduction - siby - 08-07-2013
For HBTs to claim refund of tds is very easy... collect all the bills for your expenses like petrol bills, internet bills, travel bills, mobile bills, bill for any new gadgets that you buy.. etc.. these bills should be in your name. In addition to that you can quote around Rs. 20000 as your food expenses and around 5000 per month as a rent you pay for your accommodation (to your father or whoever is the real owner of the house). So, unless you are earning above 5 lacs per annum, i think you should get the total TDS as refund.. By the way your should also compulsorily have 1 lac investment in 80c (insurance, school fees for your children, etc.)
RE: Regarding TDS Deduction - rajesh9aug - 09-07-2013
Why do people comment without understanding the content of the original post ?
I wanted admin to ask all employers to post how much TDS they will be deducting
(08-07-2013, 07:59 PM)S. Rajavelu Wrote:(08-07-2013, 04:37 PM)rajesh9aug Wrote: Dear Admin,Dear sir,
As you have made it mandatory to mention rates in all posts, i was wondering if you could make TDS details also mandatory to be posted along with rates.
There are some small firms, which do not disclose in their posts regarding TDS, but when it comes to payment after a month, they deduct around 10.2% or so as TDS.
Suggestions from members of this forum is also invited.
TDS deduction is mandatory for all professionals who earn more than 75000 per month and the same (the TDS amount thus detected) shall be claimed as refund if your income remain within the exempted limit. Please consult an auditor and he will guide you regarding this.
Pls understand my feeling in 1st post. I am well aware of TDS funda, refund, etc
(08-07-2013, 10:12 PM)siby Wrote: For HBTs to claim refund of tds is very easy... collect all the bills for your expenses like petrol bills, internet bills, travel bills, mobile bills, bill for any new gadgets that you buy.. etc.. these bills should be in your name. In addition to that you can quote around Rs. 20000 as your food expenses and around 5000 per month as a rent you pay for your accommodation (to your father or whoever is the real owner of the house). So, unless you are earning above 5 lacs per annum, i think you should get the total TDS as refund.. By the way your should also compulsorily have 1 lac investment in 80c (insurance, school fees for your children, etc.)
Pls understand my feeling in 1st post. I am well aware of TDS funda, refund, etc
RE: Regarding TDS Deduction - sreddy - 09-07-2013
Hi Friends:
Can anyone guide me how do I file the returns as I was an HBT and got a lot of deduction in my sal.
Why do people comment without understanding the content of the original post ?
I wanted admin to ask all employers to post how much TDS they will be deducting
(08-07-2013, 07:59 PM)S. Rajavelu Wrote:(08-07-2013, 04:37 PM)rajesh9aug Wrote: Dear Admin,Dear sir,
As you have made it mandatory to mention rates in all posts, i was wondering if you could make TDS details also mandatory to be posted along with rates.
There are some small firms, which do not disclose in their posts regarding TDS, but when it comes to payment after a month, they deduct around 10.2% or so as TDS.
Suggestions from members of this forum is also invited.
TDS deduction is mandatory for all professionals who earn more than 75000 per month and the same (the TDS amount thus detected) shall be claimed as refund if your income remain within the exempted limit. Please consult an auditor and he will guide you regarding this.
Pls understand my feeling in 1st post. I am well aware of TDS funda, refund, etc
(08-07-2013, 10:12 PM)siby Wrote: For HBTs to claim refund of tds is very easy... collect all the bills for your expenses like petrol bills, internet bills, travel bills, mobile bills, bill for any new gadgets that you buy.. etc.. these bills should be in your name. In addition to that you can quote around Rs. 20000 as your food expenses and around 5000 per month as a rent you pay for your accommodation (to your father or whoever is the real owner of the house). So, unless you are earning above 5 lacs per annum, i think you should get the total TDS as refund.. By the way your should also compulsorily have 1 lac investment in 80c (insurance, school fees for your children, etc.)
Pls understand my feeling in 1st post. I am well aware of TDS funda, refund, etc
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RE: Regarding TDS Deduction - siby - 09-07-2013
The general rule for TDS is 10.3% of gross salary and it is not the prerogative of the employer to decide the TDS rate. The deductions apart from TDS are for PF or medical insurance, etc. So if anybody deducts more than 10.3% without providing PF account # or give a valid breakup of the deduction, you can well know where the money is going and whether the TDS itself is being deposited with the govt or not.
For employees working with genuine companies, the way to get back your TDS amount is described in my earlier post.