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Consultant contract tax?
I want to know like is there any difference between tax for consultant and employee contract
Replies (7)
Quick Summary
Consultant income will be come under profits and gains of business or profession and employee contract income will be come under income from salaries.
So on a yearly income of 13 lac I have to pay around 25% of 13 lac?
Are you an employee or consultant??
Yes I have a consultant contract
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.
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.
now you can reduce your net income by claiming expenses.
effective tax rate may get as low as 12% on net income.
TAX FOR CONSULATANT WILL BE SHOWN UNDER INCOME FROM BUSINESS AND PROFESSION.
TAX FOR EMPLOYEE IS UNDER A SEPERATE CONTRACT.
TAX FOR EMPLOYEE IS UNDER A SEPERATE CONTRACT.
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