New tax for 149j - professional services

Hi,

I work as a IT consultant in a small firm doing professional services.

The fee I charge is Rs.8 lakhs per year.  The company deducts 10% as tax and pays me the remaining money as consulting fee.

Could you please let me know the following:

1) As per new budget, is the tax rate is only 10%?

2) Am I eligible for any other tax like service tax?

3) The position is 'consultant' and NOT director of the company.

Could you please let me know the total tax that I have to pay?

Thank you

Ananth krishnan

Replies (1)

10 % is not the taxable rate but its the at which tax is deducted u/s 194J.

Slab tax rates of individuls will be applicable and you can take the credit of this 10% already deducted.

 

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