2006-09-21 01:54:46 · 6 answers · asked by Ananthasayana K 1 in Business & Finance ➔ Taxes ➔ India
Taxation depends on loads of things.
If u are contractual employee than TDS would be deducted from ur income @ 2% if ur income from contract from one person is more than Rs. 20,000.
If u are an individual than upto Rs 100,000 is exempted but if u are workin as a firm or a Company than u will be taxed @ 30% + 10% surcharge + 2% cess i.e, 33.66% net tax on ur income.
2006-09-22 07:16:20 · answer #1 · answered by smilingbook1 2 · 0⤊ 0⤋
Income tax rates depend on your total income, and rates are the same as if you were an employee.
You'll have to pay your own social security though, both the employee and employer halves, and that's a total of 15.2% of what you make in addition to income tax due.
File and pay quarterly to avoid problems when you actually file your return. On the quarterly payment, calculate your expected income tax and also the social security amount.
Don't forget about state tax - that of course depends on where you live. And their could be local income taxes also.
2006-09-21 10:40:13 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you are a contractor, TDS will be deducted @2% of value of contract. If you are a sub-contractor, it will be deducted at 1%.
Income tax will be finally levied at your rates for other income depending upon your status(individual, firm company etc) and extent of income. Income of contractors is not taxed at any special rates. It is treated as any other business income
2006-09-25 08:01:47 · answer #3 · answered by sonali_n 2 · 0⤊ 0⤋
If business is on cash basis then the tax rate is very minimal.
2006-09-21 08:57:07 · answer #4 · answered by The Foosaaaah 7 · 0⤊ 1⤋
it will be 5.1% tds for payment above rupees 20000/-. and on working of computation with deduction under section 80-c final out.l tax can be worked.
2006-09-22 09:38:00 · answer #5 · answered by deepak V 1 · 0⤊ 0⤋
5.2 %.
2006-09-21 09:01:34 · answer #6 · answered by yedukondalakonetirayudu 2 · 0⤊ 1⤋