POSTED BY June 29, 2011 8:57 am ONE COMMENT
ONHi All,
I have worked with a Private company as contractor and they deducted 10% of my salary as TDS and issued Form 16A. My annual income was 1,39,000
What is the procedure to get the refund?
Will I be able to get refund for AY 08-09 and AY 09-10?
Please let me if any other info is required, thanks in advance.
Thank you…KK
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This income is not considered as salary and it is business income. That means you have given professional services to a company and they paid for your services. If you consult CA then he will make a statement of your expenses and income and remaining amount is profit. Tax will be on this profit amount. Normal Income tax slabs apply for this profit amount as well. From the number you mentioned your income falls in the 0% tax slab so you dont have to pay any tax and entire amount will be refunded to you.
You have not mentioned about the assessment year of that income you got. If it is for 2009-10, yes you can get the refund. I’m not sure about 2008-09, you can get this clarified with a CA.
I would suggest you contact any local CA in filing returns.