Full TDS Refund

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  1. digitzzone

    digitzzone New Member

    I am working as Consultant in a company and getting Rs 41500 p.m. as fixed remuneration/consultancy fee. In FY 15-16 i have received Rs. 4,81,400 as fee and company deducted 10% TDS from it and deposited 48,140 to tax dept under sec 194J. i can see all deduction in online 26AS credit form.

    Now I want to get my full TDS refund. for this purpose, how many documents i have to keep. Correct me if i am wrong anywhere. for e.g.

    Document to be collected from Employer like (Pls ans yes or no) and if possible pls explain
    1. Q1-Q4 all TDS certificates.
    2. Form 16 or Form 16 A (i dont know)
    3. Any other docs (pls advise)
    Document to keep ready by myself to show as an expenses like(Pls ans yes or no) and if possible pls explain
    1. House Rent receipt (will this rent will be as computed and deducted as in ITR 1 for salaried employee.)
    2. My Travel expenses
    3. How many types of other expenses i can show to minimize the taxable income and what is the max limit to show an expenses.
    4. I have saving of Rs 1.5 lacs under sukanya scheme.
    5. I have saving of post office RD of 12,000.
    6. I have PPF saving of Rs. 60,000.
    If possible, pls attached a excel based income tax calculator for above case or link for any online calculator available.

    After collecting all these document in which form i will file a return. is it ITR for 4S or something else. pls advise.

    I would be grateful of everyone who can help me in this. request help to get my full TDS refund.


    R G
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    For u the applicable ITR form is ITR-4, as u are rendering the professional services not as an employee and moreover your employer also deducting TDS under the professional services category.

    Now your memo of income will be as fallows.(ITR-4 for A.Y 15-16 (OR) A.Y 2016-17)

    gross services rendered --- 4,81,400
    Less:expenses --- 48,000(say 10% of ur gross receipts)
    Net income from profession --- 4,33,400
    Gross Total income ---- 4,33,400
    Less:Chapter vi a deductions
    u/s 80c - 150000(max)
    u/s 80GG - 24000(max) --- (1,74,000)
    Net Total income ---- 2,59,400
    Tax Amount((259400-250000)*10%) --- 9,40
    Less : Rebate U/s 87a -- ( 9,40)
    Tax Payable -- NIL
    Less TDS credit --- 48,140
    Refund Due --- 48,140.

    Generally Employer issues form 16A to u,But it is enough if ur TDS credit will get reflect in 26AS and nothing more department asks any document from you.
    When comes to proof for that 10% expenses claim,as per my experience department won't asks any proof.As 10% expenditure claim is general expenses which every assesses incurs for providing the service

    So the only documents you have to keep yourself is,Deposit receipt of sukanya scheme,and oral letter from your tenant that's all.
    Last edited: Apr 1, 2016
    digitzzone likes this.
  3. digitzzone

    digitzzone New Member

    Dear Sai,
    Thanks you so so much :)
    You have given crystal clear answer and to the point. i understood each and every point.
    Only little thing i want to ask that what is this oral letter means. is it FORM10BA declaration or something else.

    Thanks once again and all the best for your career.

  4. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    it is just a letter in white paper with tenant sign
    digitzzone likes this.
  5. digitzzone

    digitzzone New Member

    Thanks but somewhere it is mentioned that Form 10 BA is required to fill if you are claiming deduction under 80GG.
    Also pls let me know when can i ask my employer to provide Q4 TDS certificate and when i can file my return to get this refund as soon as possible.
    Pls advise

    Last edited: Apr 11, 2016
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