How to calculate tax for a person engaged in providing consultancy services with his given details. please let me know the process
Thanks
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Tax on consultant
Replies (3)
If you are asking about Income Tax for Professionals (individuals). You may simple declare 50% of your Gross receipts as your Income under Pre-assumptive scheme. You can also claims section 80 benefits.
But individual gross receipts are exceeding 50 lakhs
You are eligible for Tax Audit is such case. Audit your accounts with a practicing CA, in which you can claim more deduction/expenses.
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