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Income tax for a consultant

Tax planning 622 views 1 replies

SDey

Project Manager

28 Points Joined January 2012

Hi,

I am working in India as a Consultant for an Italian Manufacturing Company. My fees is wired by the company to my India bank account. There is no Income Tax Deduction in Italy.

1. Do I need to pay Income Tax in India?

2. If yes, can anyone tell me how to calculate advance tax and also the total tax liability?

3. In which internet site the advance tax has to be deposited by net-transfer?

Regards and thanks in advance for your replies.

Replies (1)

CA Saiyum khan

Practicing CA

690 Points Joined November 2008

Your residential status is important for computing the taxability.

1. Yes

2. Gross consultancy receipts less expenses necessary to incurred to discharge the duty as consultant. i.e Net profit. After that deduction applicable under chapter VIA has to be considered.

3. WWW.Incometaxindia.gov.in

It is advisable to consult some expert for better advise and payment of taxes and filing of returns.