Income of Teachers
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2010
hi,
I had a query since long in my mind, as to where do most of the teachers giving ca coaching earning hefty amounts charge thier income. I mean what form of organisation do they form to save their taxes. And do they really show all there receipts of fees and pay proper taxes..
What are the ways of tax planning that can be adopted to minimize or rather get the whole amount exempted..Is charitable organisation form appropriate for a coaching institute...
Please Experts do answer the query, i wish to know the ways tax planning can be done...
thnx...
I had a query since long in my mind, as to where do most of the teachers giving ca coaching earning hefty amounts charge thier income. I mean what form of organisation do they form to save their taxes. And do they really show all there receipts of fees and pay proper taxes..
What are the ways of tax planning that can be adopted to minimize or rather get the whole amount exempted..Is charitable organisation form appropriate for a coaching institute...
Please Experts do answer the query, i wish to know the ways tax planning can be done...
thnx...
Aditya Maheshwari
(Expert)
11 August 2010
Teachers normally earn salary income and hence TDS u/s 192 on salaries are already deducted at the time of payment of their salary.
Other form of paying teachers is by way of professional fees. If the said sum i a hefty amount say exceeding Rs. 10 lakhs then itself tax audit u/s 44AB is required under the Income Tax law and hence they have to showing proper income and paying proper taxes on the income.
Other form of paying teachers is by way of professional fees. If the said sum i a hefty amount say exceeding Rs. 10 lakhs then itself tax audit u/s 44AB is required under the Income Tax law and hence they have to showing proper income and paying proper taxes on the income.
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