We want LI to be one of the friendliest places on the internet, where lawyers and law students help each other with their career related queries and occasionally discuss other stuff that might affect their lives too. In other words:
1. Be kind, respectful and helpful to each other.
2. Be bona fide, truthful, genuine and curious.
3. Assume the best intention of others.
Therefore, in using the site, you must agree to do your best to uphold these community guidelines.
Note that what you find here is written and moderated by anonymous people on the internet.
Therefore everything you read here is very likely unverified, rumour, speculation and/or downright false.
In continuing to read anything here, you must therefore agree not to take anything you read here as factual and that you will exercise due caution, diligence and common sense before acting on any information you may come across here.
You also agree to report any inaccurate or malicious comments with the buttons. Moderators take action within 24 hours, as required and appropriate under law.
Our full terms and conditions apply too.
Do you solemnly agree to all of the above?
• TDS of 10% is deducted.
• You can claim the TDS deducted through ITR. The total TDS deducted - amount taxable will be returned to your bank account.
• Amount taxable is computed based on tax slab. Sec 44 ADA is applicable and tax is paid only on 50% of salary - professional tax
• Example: your salary is 12 LPA. TDS would be 10k every month. Total TDS deducted would be 1.2 lacs in FY. The amount taxable would be computed on 6 L (50% of income bcz professional tax). Let's say amount taxable is 15K. You'll be returned 1.05L (1.2L - 15k).
P.S. Save the said reply if you can. Don't be like me, I'm left searching for it, despite have read it earlier, smh
Secondly, if your retainer is 12LPA payable at equal amounts over 12 months, your monthly retainer would be 1L. 10% will deducted as TDS from this and you’ll get 90k credited in your account.
I appreciate your help but everyone just wants to presume and attack people on this forum. I’ve been taxed differently for the time I’ve worked as an in-house counsel, hence my query.