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Where do teachers charge their income ????

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Querist : Anonymous

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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 or else 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...
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U S Sharma

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U S Sharma (Expert)
16 May 2011 these are their business income, and they are eligible to deduct expenses like salary, rent , telephone etc from the fees,
on the balance they do pay incometax as per the act.
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