Housing loan principal and interest repayment exemption

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  1. Malinichennai

    Malinichennai New Member

    Are these exemptions available to a person getting paid as a contractor / professional - Tax is deducted at 10% of the payments made to me.

  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Whether TDS has to be deducted (or) not, on payments made to a professional or contractor depends on, whether u are liable for TAX AUDIT U/S 44AB in the immediatley preceeding financial year.
    If u are liable for tax audit & threshold limit exceeds the prescibed limit,then u have to deduct TDS.
    Otherwise you are not required to deduct.
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