Shahdol, Madhya Pradesh, India
Pin code - NA
|✔ Business Incorporation||✔ Accounting / Book keeping|
|✔ Company Auditing||✔ Compliances|
|✔ Direct Taxation||✔ Indirect Taxation|
|✔ Personal Wealth Planning||✔ Business Planning & Initiation|
|✔ Internal Audit||✔ GST|
Associated with (Firm / Company Name)
2 Months ago
I am changing my job and joining a company as a consultant. I will be earning 30 lakhs per annum in Maharashtra. Which route should i opt for, being a permanent employee and paying normal tax - or shall i come under PRESUMTIVE TAXATION. Will i be able to save more tax by coming under Presumptive ? Would appreciate if you can show me the taxation difference until 80 C under both normal as well as presumptive. Will the company need to deduct any GST/Service Tax before transferring the salary to me.
CA Mayank Agrawal 19 Dec 2018
For professionals there is a provision in income tax 44ADA for presumptive income. Feel free to contact me firstname.lastname@example.org for details.
CA Yash Jain 20 Dec 2018
A.In case you stay as employee
1.PF WOULD BE DEPOSITED FROM EMPLOYER & EMPLOYEE
2.TDS WOULD BE BASED ON SLAB RATES
3.NO EXTRA PAPER WORK AS FORM 16 WOULD BE ONLY DOCUMENT TO BE MAINTAINED (We can help you in proper salary structure)
4.IN CASE OF SHIFT OF COMPANY, IT WOULD BE EASY FOR YOU TO SHIFT WITH INCREASED PAYCHECK
B.IF YOU BECOME CONSULTANT
1.SINCE YOUR TURNOVER EXCEEDS BASIC LIMIT YOU WOULD HAVE TO GET REGISTERED UNDER GST AND CHARGE GST TO YOUR COMPANY AT 18% (rate can be helped out) & File Monthly Returns and increased paper compliances.
2.Company would not deduct any PF/ESI (which would be set back in case of future money planning)
3.However you would be free to take up other work as well since you would be registered under GST (Extra Income with more paper work).
4.In case of shifting more chances of other company not relying on your FORM 16A.
In case of further queries do book a consultancy and let us know .. we would help you out in identifying correct structure for your need in order to save tax and gain max
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