Income tax on Retainership's Income

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  1. K R Nagendra Prasad

    K R Nagendra Prasad New Member

    I am working on Retainership in a Multinational Company. Tax deducted @10%. For calculation of balance tax on the income what are the deductions/loss to be considered ? Please guide me.
    WBR
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    All expenses incurred by you in earning this Income would be allowed to be claimed as an expense.

    Some examples of such expenses include Travelling expense, Telephone Expense, Salary to employees etc.

    The net income so computed after deducting these taxes would be liable to tax as per the Income Tax slabs
     
  3. K R Nagendra Prasad

    K R Nagendra Prasad New Member

    Thanks Mr Gaurav.
    Which IT Form should I use for filing returns ? Is there any limits or guidance values for such expenses ?
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    ITR 4 would be applicable in your case.
     
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