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Mihir Tanna  |798 Answers  |Ask -

Tax Expert - Answered on Nov 27, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Nov 14, 2023Translate
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Dear sir I am 69 years old and now working on contract. I have income of 30 lacs per annum and 10 percent TDS is deducted. What can be my final tax as I am now working on contract. Thank you

Ans: Contract income being income from full time/main activity, chargeable under the head "Income from business and profession". You are required to pay tax on net income i.e. after deducting expenses incurred for earning income from contract subject to specified conditions.
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