Suppose company is paying complete 9 lakhs per year to a consultant, without cutting any taxes i.e. 75k per month. Suppose following information -
Savings 1,50,000 Rs per year
House rent+internet+mobile of 12,500 Rs per month
What will be the tax liability for that consultant?
What are the tax liability slabs and rules for consultants in India ?
I have heard that getting salary as consultant is better than an employee if we consider the taxation.
Is this true ?
Hi,
Income tax does not differentiate between a consultant and any other employee. What is considered is an employer employee relationship for taxing under salary.
For computing tax you need to provide me your complete details like.
Form 16
Form 26 AS
investment details
Rent slips etc
for any further query PM or mail me.
AJH & CO.
anubhavjain @ ajhco.in
Please consider this case -
Company do not give 16A form and do not cut any taxes.
They just pay monthly 75,000 Rs in bank account thats it !!!
And I have saved 1,50,000 Rs and my expenses are 15,000 Rs per month for which I can show receipts then what will be my tax liability ?
Tax liability = 1,10,000 tax+3,300 edu cess
For any further query PM or mail me.
AJH & CO.
anubhavjain @ ajhco.in
Some interest will also be levied u/s 234 ABC which needs computation.
If your yearly income is 900,000/- and expenses claimable is Rs. 180,000/-, then your tax liability shall be Rs. 76,220/- on the basis of info given by you.
Expense can only be claimed in case assessee is a professional.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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