By reading the comments you agree that they are the (often anonymous) personal views and opinions of readers, which may be biased and unreliable, and for which Legally India therefore has no liability. If you believe a comment is inappropriate, please click 'Report to LI' below the comment and we will review it as soon as practicable.
How much tax do we need to pay?
My question is how much tax do I need to pay? Do I need to pay more tax over 10% TDS, like at the standard rates applicable to employees?
And when do I need to file Income tax returns? I am really confused. Does it mean that if was to be a legal counsel, my tax liability would have been less?
I am an A0. Please help me out.
threads most popular
thread most upvoted
comment newest
first oldest
first
Just wanted to add that you don't need to go to a CA. Go to the new filing portal (eportal.incometax.gov.in/)
register yourself and file for ITR-4 (don't file ITR-3 unless you have significant other sources of income - it's too complicated).
Under ITR-4, file as a 'professional'. In the income section, enter the amount calculated as
(1.1L x 12 months) whole divided by 2.
[Keep in mind it's gross salary i.e. 1.1L and not net salary which is 99,000 in your case]
Your TDS will automatically be reflected in the account as firm must have filed the TDS using your PAN.
So TDS - tax payable will be the refund you will get and that will be automatically generated.
Heck even without deductions you'll end up with a refund as your annual income will be 6.6L and you would have paid a tax of 1.30 already.
For the first 5 years on the job, don't go to a CA. File your taxes yourself and learn how tax law works. Trust me. Its very easy to do it.
threads most popular
thread most upvoted
comment newest
first oldest
first