WebAug 6, 2024 · The income chargeable under the head Business and profession could be declared u/s 44ADA. As per section 44ADA of the Income Tax Act if the gross receipts do not exceed fifty lakh the income chargeable for income tax purpose would be 50% of … WebConsultant’s whose income exceeds Rs.10 lakh must get their expenses audited by a chartered accountant. Consultant trades off less tax for more paperwork. The highest tax charged for a consultant is 11.33% which includes the educational cess whereas an employee can get charged 33.99% as the highest tax.
Income Tax: Professional fees is different from salary - Money9
WebThe income tax form that freelancers and consultants need to fill out and submit is either ITR-3 or ITR-4. ITR-3 applies to income from business or profession. From AY 2024-18 (FY 2016-17), professional can opt for presumptive taxation and declare 50% of their gross receipts as their income by filing ITR-4. WebApr 4, 2024 · Every person, except an individual or a HUF, making payment to a resident for notified services is covered under section 194J of the Income Tax Act. However, it … moteles tepic
Under which head to show "consultant fees" received and
WebAug 22, 2024 · Income as a consultant is taxed under the head “Profits and Business or Profession” whereas the salaries are taxable under the head “Salaries” (Photo: iStock) Salaried person can claim... WebApr 14, 2024 · Any specified freelancer earning income less than Rs 50 lakh can take advantage of the scheme, whereby he can opt to declare only 50% of their annual … WebFeb 27, 2024 · It will be treated as Income under head Salary if the commission income is based on the turnover of the company as a fixed percentage and is included in the employement contract as well. 1 Like Siddharth Goel (Chartered Accountant) (3026 Points) Replied 29 June 2024 Originally posted by : nagarjuna moteles tome