Tax Exemption for Consultant 2012-2013 financial year ?


I am working as consultant in a private company. We are called Support Engineer Consultant , I joined in the organization in the middle of Feb Month 2012 with Annual package of 3.25 L . I had been paid Full amount every month without any deductions Rs. 27083 and Only Professional Tax of Rs 200 had been deducted for Feb and March 2012 ,but From April 2012 i had been deducted with Rs 2708 ( i.e 10 % of my monthly pay as TAX DEDUCTED AT SOURCE . I enquired my Payroll supervisor he said all the Consultants will have to pay 10 % as per TDS ( 194J ) act.

Can any tell me how I can get my TDS refunded?

Can I shows rental receipts as expenses ?
Can I show mobile bill as expenses ?
Can I show my travelling expenses ?
Insurance expenses ?

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One Reply to “Tax Exemption for Consultant 2012-2013 financial year ?”

  1. My understanding in order to get the TDS refund, you need to file income tax return at the end of Financial year.

    Income Tax Rates for the FY 2012-13

    Up to Rs. 2,00,000 NIL
    Rs. 2,00,001 to Rs. 5,00,000 10%
    Rs. 5,00,001 to Rs. 10,00,000 20%
    Rs. 10,00,001 and above 30%
    The rates are applicable for the financial year 2012-13 and are subject to enactment of the Finance Bill, 2012.

    Annual Package of 3.25L
    up to 2,00,000 NIL

    so you have to pay tax on 1.25L

    Now in order to avoid tax you can invest under Section 80C of Income Tax Act (one lakh)

    Refer this Link for Deduction under section (80C, 80CC, 80CCD,) 80CCF and 80D for financial year 2011-12 (this article is related to 2011-12, other things are same except 80ccf

    80CCF is not longer available for deduction.
    80CCF deduction for infrastructure bonds of Rs 20,000 been discontinued From 2012-

    You can also make use of section 80D
    The above link will surely help you with options to save for 80c and 80d.

    and this results in no tax for FY 2012-13

    Your TDS status is available under form 26AS (which is view your tax credit details) those details will also available in most of banks if you are using internet banking option.
    Refer this related to form 26AS

    Suggestion for 80C
    First consider your EPF
    then any Insurance or ulip product you have
    then Start SIP of Rs 3000-4000 In ELSS Fund (best ELSS option Franklin India Tax Shield or HDFC Tax Saver) or wait for announcement of Rajiv Gandhi Savings Schemes
    Open PPF account in SBI or ICICI Invest remaining amount in PPF (as both banks provide online access to PPF)

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