Retainership v/s. Employee

Your tax liability will be decided on the basis of expenses claimed by you in the Income & Expenditure account. Since your query is silent on the quantum of expenses and the savings eligible for deductions u/s.80C and any other sources of income it is difficult to arrive at the tax liability.

Self assessment tax as per S.140A states "Where any tax is payable on the basis of any return required to be furnished under section 139 or section 142 or section 148 or section 153A or, as the case may be, section 158BC, after taking into account the amount of tax, if any, already paid under any provision of this Act, the assessee shall be liable to pay such tax together with interest payable under any provision of this Act for any delay in furnishing the return or any default or delay in payment of advance tax, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest.

Thnx Mr. Vishal

Actually I wanted to know whether I would be able to get any refund from the 93,500 already deducted as TDS after showing 1 Lac U/S 80C. or I will be liable to pay anything else. Also, I'm having a home loan of 7000 EMI with 50:50 principal nd interest component.

Also, I'v heard that I'll be able to claim my expenses upto 20% from the gross income of 9.35 Lacs. Is it right?

Plz explain the eligibility of Service Tax in case of retainership job.

rgds,

Viral

Please give details of expenditure you incur in course of your profession How much amount was paid towards principal and interest of the HL and whether the 100,00 lakh claimed under 80C includes the amount of principal. The question here is not how much expenditure is generally allowable and it differs with respect to different professions

Service Tax is applicable only if the service is listed as per the act and is 10.3% if your  gross professional receipt is above 10,00,000