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I was appointed as an instructor in an ITI on contract basis.I am paid a fix salary of Rs 10,000 monthly.Now they are saying that they will deduct 10% from my salary asTDS.As far as I know TDS for contract payments is 1%.So kindly help me solving this problem.
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Dear Smrita,
There is confusion regarding all payments.
1. Salary - if Gross Salary is exceeding Rs.2,00,000 lacs per annum then on exceeding Rs.2,00,000 the tax is @ 10.3%.
2. If it is paid as Contract then it is OKAY what you say i.e. 1% as an Individual.
3.If it is professional fees them it is 10%.
By post post it is not clear where you fall
Ramakant
Dear,
According to your queries tds Deduction given below:-(Individual)
1_if it is contract basic as you mentioned then deduction will be 1%, (section 194c) this rule is applicable only when amount will be.above 30000/ annum.
2.-if they are taking your amount in term of Professional Fee/technical Services Fee. then Deduction Will be 10%,(tds section 194J), this rule is applicable only when amount will be.above 30000/ annum.
3.--if they are taking salary under taxable income tax slab then your tds will be deduct . (tds section -192)
this is as per my knowledge if any body can correct i will appreciate.
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