can anyone tell me, if tds is deducted from income from other sources like commission recd from lic, whether it should be included to gross total income, for calculating tax at slab rate. or if not please tell me correct effect. n if income is below taxable, than i can claim refund on such income of tds amount.
3 Replies
Dheeraj Shenoy
(CA FINAL)
(173 Points)
Replied 05 August 2010
Hey.. U need to consider gross commission and not net commission.
Eg com is 10,000/- but u received 9000.00/- after deduction of TDS of 1,000/-... U need to consider it as 10,000/- and not 9,000/-..
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 05 August 2010
U HAVE TO CONSIDER GROSS AMOUNT AS DHEERAJ MENTIONED.
YES U HAVE TO INCLUDE IT IN YOUR GROSS TOTAL INCOME AS THERE IS NO SPECIFIC EXEMPTION FOR LIC COMMISSION. FOR OTHER INCOME, PLEASE FIRST CONFIRM THAT WHETHER THERE IS ANY PARTIAL OR FULL EXEMPTION UNDER THE PROVISIONS OF THE ACT. IF IT IS NOT SO, THEN FULL AMOUNT WOULD HAVE TO INCLUDE IN THE GROSS TOTAL INCOME.
IF U'R GROSS TOTAL INCOME IS BELOW THE EXEMPTION LIMIT AVAILABLE AND U'R STATUS IS AS INDIVIDIAL OR HUF, THEN U CAN CLAIM THE REFUND OF TDS DEDUCTED ON THE INCOME.
HOPE THIS SOLVES U'R QUERY....
REGARDS,
MANOJ
Harpreet
(* * * * * *)
(1670 Points)
Replied 05 August 2010
If u have commission from lic ya phir any insurance company. You may get exemption 40% as expense on your gross commission also. and if u have no taxable income then u can get ur tds as refund by filling ITR
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