From December 2018, I started working on a contract basis for a US-based company from India and the tax is not deducted from the source (DTAA is filled for USA). As I have to take care of the taxation, can somebody help me with the most tax beneficial scheme? I read that under presumptive taxation scheme (sec 44ADA), professionals working in contract basis can avail this scheme. Or I can pay taxes based on the income tax slab. My monthly payment is 2500 USD. Every month end, the payment is wired to my bank account in INR. Any advice on the best scheme for me would be highly appreciated.
-Jilt
CAclubindia
