Then it will be professional income. you can deduct all relevant expenses from the gross receipts. like electricity charges, computer depreciation, salaries if any, Internet charges, traveling charges etc... tax needs to pay on net profit/net income, not on gross receipts from consultancy services.
It is good that you are into consultancy contract. now you can reduce your net income by claiming expenses. effective tax rate may get as low as 12% on net income.
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