R
Ranjan
I wish to know whether retreachment compensation is taxable or can get rebate upto Rs 5 lakh.
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The retrenchment compensation received by a workman is exempt provided that in general it does not exceed the sum calculated on the basis provided in Section 25F(b) of Industrial Disputes Act, 1947 or any such amount as is specified by the Central Govt. by a Notification, whichever is less. The maximum exemption is Rs. 5 lakhs where retrenchment is on or after 1-1-1997.
CA Jaya Agarwal 5 Oct 2020Dear Sir,
There are some conditions for retrenchment compensation:
The employee must be a workman.
The employee must have offered continuous service for a period of 240 days in the previous 12 months, which will be calculated as a year of continuous service.
Least of the following will be exempt from tax:
The amount of average pay provided to the employee
Rs 5,00,000
The actual amount received
For more assistance call at 7667559772
N
Nupur Mukherjee
Is Military Service Pay taxable? It is an element of Military Officer's salary component.
Allowances are taxable. Hence Military service pay is also taxable
Nupur Mukherjee 2 Oct 2020Thank you so much
CA Jaya Agarwal 2 Oct 2020Yes, it is taxable.
T&C applyP
Pramod Poddar
ITR for below taxable income for fy 2017-18 can be filed now ?
Dear Sir,
It can be if you request Income Tax Department for issuing notice regarding this.For more assistance call at 7667559772
M
Manoj Kumar
I work as IT consultant for an company as a contractor,
1. company is detecting 30% of salary as TDS and they are mentioning, I will need to file return to get refund of excess amount. Is that correct? To my know what I saw or heard is, its only 10% TDS for contract employee who is performing technical consultant. FYI.. my salary CTC for year will be close to 20L for Year.
2. Is there any tax slot for contract employee
3. Can I file returns under 44ADA (presumptive basis)
4. What form should I need to request from employer (Form 16 or Form 16A) ?
5. What section should Employer use to deduct salary, Earlier I remember when permanent employee it was 192 section.
Sorry for many question, Thanks in advance for help.
Sir it depends upon your contractual nature with the Company. Have they engaged you as a retainer or as an employee. If as a retainer then they would deduct 10% otherwise 30% (considering other slab rates also). For more assistance kindly contact at +91-9911744028
CA Jaya Agarwal 1 Oct 2020Dear Sir,
In response to your questions the answer is as below in given points:
1. Since you are not an employee in spite a consultant (technical), hence company should deduct TDS u/s 194J @ 10% not section 192 @ 30% (i.e. highest slab rate.)
2. Tax slab is 10% flat if it is technical services u/s 194J otherwise 1% flat u/s 194C.
3 Sure, you can if it a professional income.
4 Form 16A ofcourse, since it is income other than salary income.
5 For salary it is 192, but you are not under salary perspective hence it should be 194J OR 194C as mentioned above.
For more assistance call at 7667559772
Thank you Jaya & Deepak for reply.
S
Suraj Chaudhari
I am owner of a residential building lives in Thane, Maharashtra. My question is - is there any option available for owner of a residential building to get monthly rent of tenants deducted from their salary directly by their company during this lockdown?
No Sir, company cannot get involved in the transaction unless it is a company-leased property.
CA Vikram Kumar
8697275626
Theoretically yes if an arrangement is made where the owner, employee and company get into a tripartite agreement. However, practically no company will agree to such kind of arrangement. Please note that this needs an opinion from a legal advisor, I am just expressing my opinion
T&C apply
