08-12-2011, 08:01 PM
STRANGE!
If you are employee, whether contractual or permanent, no tax will be deducted u/s 153. Tax will be deducted u/s 149 and it will be adjustable.
Rate on which tax is to be deducted is determined with reference to your estimated annual income under the head salary. If your annual estimated salary income is between 6.5 lac to 7.5 lac then tax rate applicable will be 6% according to first Schedule of ITO, 2001.
If you are employee, whether contractual or permanent, no tax will be deducted u/s 153. Tax will be deducted u/s 149 and it will be adjustable.
Rate on which tax is to be deducted is determined with reference to your estimated annual income under the head salary. If your annual estimated salary income is between 6.5 lac to 7.5 lac then tax rate applicable will be 6% according to first Schedule of ITO, 2001.
