So I came across the fact that certain persons can can claim TDS paid at the end of the financial year.
As you know, most corp law jobs are considered a retainership position and a TDS of 10% is deducted on gross salary for rendering professional services. (Section 194J of Income Tax Act).
1. However I'm confused whether a person earning more than 5L can claim 100% TDS by filing his ITR at the end of the year?
2. Also this 5L amount threshold for eligibility is gross or net (after TDS deduction)
Would appreciate a clarification on this doubt and any sources to read upon,
Would have just been easier if you used the word 'refund'. Yes, you can claim refund for TDS deducted, if your tax liability is lower than the TDS deposited in your name.
I wasn't too sure about the terminology but thank you. So my gross income is 7.2l and most tax calculators show my taxable income as zero does that mean I can claim a refund for the TDS (72,000 - 10% of 7.2L)?
There is no "threshold", while filling your return you are entitled to credit of all manner of taxes collected, deducted and advance taxes paid. In case you don't have any tax liability. The aforesaid taxes will be refunded
So I came across the fact that certain persons can can claim TDS paid at the end of the financial year.
As you know, most corp law jobs are considered a retainership position and a TDS of 10% is deducted on gross salary for rendering professional services. (Section 194J of Income Tax Act).
1. However I'm confused whether a person earning more than 5L can claim 100% TDS by filing his ITR at the end of the year?
2. Also this 5L amount threshold for eligibility is gross or net (after TDS deduction)
Would appreciate a clarification on this doubt and any sources to read upon,
Thanking you
2. Apart from TDS deduction, did you have any other tax implication to pay? (because you said we were in same situation)