DancingBoba
DancingBoba

Tax Burden due to layoff

I have to take a loan to pay my tax this year. Because of the layoff my previous company didn't deduct TDS. I was jobless for around 3 months. Then I joined a contract. There was uncertainty of the job so I didn't declare previous income.

I don't have savings . I have to pay 78k tax. Loan is the only option for me.

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22d ago
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PeppyPickle
PeppyPickle

ITR filing last date this year is september end , so why dont you wait for June-July and save some money, as you are working as a contractor. You can file it in early September as well. Then you will have 3 months of time to save money to pay taxes. I will suggest to go Low to No Loan, as your debt will eventually increase and you will end up paying more

DancingBoba
DancingBoba

Okay thanks for your reply

BouncySushi
BouncySushi

Lay off in Morgan Stanley? 🤔

DancingBoba
DancingBoba

No

CosmicLlama
CosmicLlama

Layoff or not is unfortunately meaningless. One has to pay tax on the income earned.

Another shocking info - we are liable to pay tax on income due. Meaning, if your company doesn't pay you salary for 6 Months, you are still liable to pay tax for that amount. As it is due for you.

Welcome to India. Vikshit bharat .

BouncyHamster
BouncyHamster

I have some doubts

BouncyHamster
BouncyHamster

I have similar condition
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