Income from consulting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 August 2015
I have just started consulting with a It services company on a monthly retainer of Rs.5 lakhs.
For Income tax will i be able to treat it as business income under sec 44 AD and pay tax @8 % ..
What if i get another cuatomer and my income goes above ₹ 1 cr next year .
For Income tax will i be able to treat it as business income under sec 44 AD and pay tax @8 % ..
What if i get another cuatomer and my income goes above ₹ 1 cr next year .
30 August 2015
You can't treat it as business income under sec 44AD. This year itself you are liable for tax audit as your income exceed 25 lacs.
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