Tax liability for Independent consultants

Hi Sahu,

If you are running a sole proprietorship business then the Individual slab rate will be applicable but if you are running company business then the company rate i.e. 30% will be applicable SC & CESS will be applicable as perthe case.

Ok. Thanks. I too had the similar thinking.. Ok now I know what is my slab... :)

In business you can claim some expenses on actuals, phone bills and depreciation on car etc.,fuelbills. However only to a reaonable extent. TDS will be 10% of gross receipts. You will have to pay advance tax / self assessment for the balance tax payable by you.

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I need to know about the tax requirement of individula consultant.
I am working as independent consultant (individual).
The company (for which i m providing my services) deducts TDS @ 10% from my fee. and then they give me rest of my fee.
I want to know whether I have to pay Income tax on the amount I have received after deduction of TDS.

If yes, how much
please clarify.

Thank you.

First calculate your annual income and after that you have to calculate your tax liability than minus TDS deducted amount or advance tax paid.

Hi, I too work an an Independent Consultant for an Italian company not registered in India.

I receive 900 Euro as Compensation per month in savings account.

What kind of personal tax am I liable for (what %)?

I receive 520 Euro as money for expenses ( which I think is not taxable).

I am not sure if there is any TDS involved, but can I claim it anyway?

I am an independent consultant to exchange some know how support to a NETHERLAND based company.

But I am not sure about the tax on my total earings and which expenditure can be deducted on my total income.

Or which is a better way for bank declaration that I am receiving the money as consultancy or as commision?

Is there anybody to help me in this regard.?

Since the relation is with out side india so do i need any IEC for the same?