Are you considering shifting from an employment arrangement with your company to a ‘consultant’ status to lower tax outgo leading to higher take-home package? As consultants you are required to pay a flat 10 percent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge. The dilemma of whether to take up the … [Read more...] about To Lower Tax Outgo Opt for ‘Consultant’ Status
Tax Compliance
Who is More Tax Efficient – a Salaried employee or a Consultant?
Tax implication of switching from being a salaried employee and a consultant and vice-versa. Often people consider changing status from salaried employee to a consultant status to reduce tax liability. Following are the queries: 1)What are the advantages and disadvantages of shifting from a salaried status to a consultant? a)Rate of TDS is lower for professional on higher … [Read more...] about Who is More Tax Efficient – a Salaried employee or a Consultant?
Budget’17 shifted indexation calculation base to 2001. Who gains?
Although the Budget did not propose any major changes on the tax front, the move to shift the base year for computation of indexed cost of acquisition of an asset could have an impact for investors. However, the impact would differ across assets that enjoy indexation benefit on long term capital gains real estate, unlisted shares, gold and bond funds. Here's a look at the … [Read more...] about Budget’17 shifted indexation calculation base to 2001. Who gains?
Now, shed lethargy in filing tax returns, say experts
There are many with income above basic exemption limit who do not file returns even though it is mandatory. However, stiff penalties proposed to levied in Budget 2017 for late filing would ensure that taxpayers file their returns in time. Changes in tax administration brought about in Budget 2017-18 will force taxpayers to be more proactive in filing their tax returns and … [Read more...] about Now, shed lethargy in filing tax returns, say experts
Operation Clean Money: Everybody needs to check e-filing account
You need to respond within 10 days of getting this message from the I-T department. Even if you did not deposit much money in your account, do check your e-filing account. If you had deposited a large stash of cash post-demonetization, chances are that you have already got a message from the income tax department. You need to respond within 10 days of getting the message. But … [Read more...] about Operation Clean Money: Everybody needs to check e-filing account
