I am a Contractor supplying Labours to a manufacturing Unit. I have submitted overall Bill Value of Rs. 8 Lacs for the Year 2010-11. Please any one help me out how to calculate whether I have to Pay TDS also the company has deducted TDS. Can I get the refund of the Same.. Its Urgent
10 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 28 April 2011
No TDS liability arises on your side. But you will have to file your Income Tax Return to claim the TDS. But you will get a refund only if the TDS is deducted in excess.
You will have to file ITR - 4 as per the business income earned by you
Regards,
Devendra
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 28 April 2011
| Originally posted by : Deepak Kumar Singh | ||
 |
I am a Contractor supplying Labours to a manufacturing Unit. I have submitted overall Bill Value of Rs. 8 Lacs for the Year 2010-11. Please any one help me out how to calculate whether I have to Pay TDS also the company has deducted TDS. Can I get the refund of the Same.. Its Urgent |
 |
TDS so deducted would be available to set off against your income tax liablity / refund, provided u file the return of your contracting business with incometax for the year, in ITR 4
Deepak Kumar Singh
(Incharge - Commercial)
(38 Points)
Replied 28 April 2011
I also want to know the how to Calculate Tax for the Year 2010-11 on Rs. 750000/- Bill Value out of which I have Paid to Daily Labour Rs. 675000.00 Pls. help me out
Deepak Kumar Singh
(Incharge - Commercial)
(38 Points)
Replied 28 April 2011
I dont have this as i have paid them on daily basis in cash
Deepak Kumar Singh
(Incharge - Commercial)
(38 Points)
Replied 28 April 2011
Yes I have the Daily Sheet mentioning the Amount Paid and Signature in the Next Column
Arun A P
(Learning thro experience)
(64 Points)
Replied 28 April 2011
For Contract Income TDS is deducted by the manufacturing unit.
There is no liability of TDS arises from your side.
If you have tax liability, u can set off the amount so deducted by the manufactuing provided they have issued form 16A.
If there is no tax liability, then you can file your return along with form 16A to claim the IT Return.
Hope it helps
Thanks & Regards
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