27 February 2024
Hi All, wanted to know provisions applicable (Income tax as well GST) if a person work in a company as consultant rather than employees. Some of the key points :
a) Whether its clubbed under B&P head. What expenes can be claimed and rate applicable on net income (whether slab rate or flat rate) b) TDS related fule c) Presumptive tax rate if income is less than limite (i.e. Rs 75 Lacs). Whether slab rate or flat rate d) GST related rules
06 March 2024
if you earning below 75 lacs, then it is better to offer tax under presumptive regime. The presumptive income, depending on the business code, will be 6/8% if it is business income or 50% if it is professional income.
The tax on it shall be at slab rate.
GST is simple. once your turnover crosses 20 lakhs, take GST registration and charge 18% on all invoice thereafter.
You need to file your GST returns, mostly on quarterly basis.
Ideally, hire a financial consultant to ensure that your GST and Income-tax filings are done correctly.
CAclubindia
