The IRS Deductions Blog

Posts Tagged ‘tax deduction slabs in india’

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Question: professional tax deduction slap chart of india maharashtra?

what is professional tax and its slab rates in imaharashtra

Answer: no

Items on Amazon Right Now for Tax Deduction Slabs In India:

Tax slabs broadened for ‘aam aadmi’

New Delhi, Feb 26 : The ‘aam aadmi’ got a massive tax relief in the Union Budget 2010-11 today with the broadening of the direct tax slabs to include annual income up to Rupees 5 lakh in the 10 per cent tax net and income up to Rupees 8 lakh in the 20 per cent net.

Question: TDS on Professional Fee?

Hi
I am recruitment consultant. when i raise the bill to my client, they send in the cheques after deducting the TDS. I hv few questions abt this :
1. How can i take care of this at the end of the years,
2.Are there any tax deduction slabs in professional fee as well like income.
3. Also, do i need to show the proof of expensies done on business while filling the return?

It wud be helpful if smone cud address to these queries.
Thanks in Advance.
—

Answer: if your yearly bill to a client is more 20000 in a financial year than client is responsible to deduct tax on the payment .the rate of tax is 10 % basic rate plus surcharge10%on basic rate(if applicable) and cess 3% on (basic +surcharge).

1.tds is adjustable against your tax liability to which income relates on which tax has been deducted.if you have nil tax liability than tds will be refunded to you.
2. there is no tax slabs for tds on professional fee .
3. yes you should have resonable evidence for expenses you have done ,moreover if your gross receipts are more than 120000 than you are liable to maintain proper books of accounts and if your gross receipts are more than 10 lacs than your books should also be audited u/s 44ab

you can download free tds calculator from the link given below

http://simpletaxindia.blogspot.com/2007/10/free-tds-calculator-fy2007-08-excel.html

Items on Amazon Right Now for Tax Deduction Slab:

ELSS: a tax saver & wealth generator

Most of the tax saving instruments under Section 80C are savings-oriented instruments, with returns after adjusting for inflation either in the negative or slightly positive. The exceptions to this are the Ulips and the ELSS Mutual Funds.