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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.
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.
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
• 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).