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Taxes payable by a software consultant in india.

Discussion in 'Money Matters' started by valsara, Dec 28, 2011.

  1. valsara

    valsara New IL'ite

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    I would like to know the various taxes payable by a software consultant based in Mumbai/Maharashtra. My limited knowledge is- income tax and profession tax are to be paid by them. For an employee, company deduct and pay their profession tax. For a consultant company deduct i.tax only. consultant have to pay profession tax by them-self to the municipal office. If anybody give more detailed information, it will be helpful for my son.
    Thanks, valsara.

  2. orion80

    orion80 Platinum IL'ite

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    Income tax and professional tax are the taxes to be paid. Make sure the professional tax deduction is mentioned in his monthly invoices or payslips.

    If working as a consultant to a company, you can deduct the following from your taxable income:
    1. Expenditure on transport: fuel bills, car maintencance and repairs.
    2. Expenses on food
    3. Expenditure on all work related items: PC purchase or upgrade, stationery, book/magazines subscriptions
    4. Depreciation on capital goods purchased for your work: car, PC etc.

    Make sure you have all the bills for the above. Apart from this you are eligible for all the tax deductions available for regular employees: section 80C and 80G etc.

    Your income tax will be as per the income slabs after all the above deductions. So there is a huge advantage.

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