What expenses can be claimed for Income u/s 194j?

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  1. MS Duggal

    MS Duggal New Member

    Dear Sir,
    I am joining an airline on contract employment @INR 28 lac pa. I will be one of the GMs. Other GMs are regular employees but because of my age i shall be on fixed time contract. I understand it comes under Sec 194j.
    10% TDS will be deducted from my monthly remuneration.
    I request please tell me my tax liability. What type of expenses are deductible? Especially can i show my house rent as deductible expense? Someone said there is a new rule on it. Are the tax slabs same as for regular employee?
    Shall i have to get my account audited?
    Thanks and best regards,
    Air Commodore (Retd) MS Duggal
    7039675910
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    You can claim all expenses which are directly co-related with earning this income. Some examples of such expenses are Travelling Expense, Telephone Expense etc
     
  3. Manoj Mehra

    Manoj Mehra Active Member

    Yes, you can claim deduction for payment of house rent as well. This deduction is allowed under Section 80GG

    However, there are certain norms applicable on this. The norms for claiming deduction for rent are mentioned here - http://www.charteredclub.com/section-80gg/
     
  4. MS Duggal

    MS Duggal New Member

    Thanks. Deduction under 80GG is only Rs 5000 pm where as i pay 50,000 pm as rent. That's peanuts.
    Is there any IT deduction in contract employment which is not in regular employment?
     
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