Income tax rate for consultants in India?

Answer 1

for individuals resident woman
Net income range income tax rate
Upto 135000 nil
135000 to 150000 10% of (TI-135000) + 2% education cess
150000 to 250000 1500+20% of (TI-150000) +2% education cess
250000 to 1000000 21500+30% of (TI- 250000) +2% education
cess
above 1000000 246500+30%of (TI-1000000) +10% of income tax Surcharge + 2% of income tax and surcharge


For resident senior citizen (who is of 65 years or more at anytime during the previous year)
upto 185000 nil
185001 to 250000 20% of (TI-185000)+2% edu cess
250001 to 1000000 13000+30% of (TI- 250000)+2% edu cess
above 1000000 238000+30% of (TI- 1000000)+10% sc
+2% edu cess


For any other individual, every HUF/AOP/BOI/Artificial juridical person

upto 100000 nil
100000 to 150000 10%of (TI- 100000)+2% ec
150001 to 250000 5000+20% of (TI-150000)+2% ec
250001 to 1000000 25000+30% of(TI- 250000)+2%ec
above 1000000 250000+30% of (TI-1000000)+10% sc+2%ec

Answer 2

Income tax rates in India are same for all. There is no seperate rate for consultants.

Answer 3

The rate for the consultants in India is not different. It is just like for any body else like 10%, 20%, 30% and same rebates are allowed in the computation of tax liability.
If you are asking for TDS rates then the rates are
Individuals : 5.1%
Companies : 5.61%

For more tax related queries contact me at [e-mail]

Answer 4

1. Govt. Fixed Rate for IT Preparers appointed by IT Department = Rs.250/- per return per year
2. There are no fixed rates in india except above. However, professionals charge according to the intelligence levels required and degree of difficultry involved in a question.

3. On my own I charge Rs.3,000/- minimum and rise the bar as per the degree of Intelligence, Skills etc., required from my end with ref. to specific question. If only consultation I charge a minimum of Rs.1,000/- as just consultation.

Answer 5

at the start you're expert - in the journey that your earnings in economic year crosses Rs.15lac if so you will desire to safeguard all books of account and characteristic a tax audit. If earnings decrease than Rs.15Lac even if so you will desire to safeguard books of account so as that your earnings could be locate out and pay tax yet tax audit in no longer required.

Answer 6

Income tax rates for Consultants is TDS 5.61% if the company means

or 5.1% for individual

tax rates are given below



For the year 2005-06
Taxable income slab (Rs.) Rate (%)
1,00,000
1,35,000 (for women)
1,85,000 (for senior citizens) NIL
1,00,001 - 1,50,000 10%
1,50,001 - 2,50,000 20%
2,50,001 upwards 30%
10,00,000 upwards 30%*
* A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge

Note : -

Surcharge of 10% for those whose taxable income is Rs 10 lakhs or more.


A surcharge of 10% on income tax is levied where taxable income exceeds Rs. 1 million which makes it effective 33% including surcharge.


Tax exemption on interest in Non-Resident (external) Account and on interest payable by a scheduled bank to Non-Resident Indians (NRI's).


Tax exemption on the interest payable by a scheduled bank to a non-resident or a person who is not ordinarily resident on deposits in foreign currency where the acceptance of such deposits by the bank is approved by the RBI.


Standard deductions, as well as Section 88 and 80L has been abolished.


Section 88 i.e. Tax rebate to assessees in respect of insurance premium, PF contribution, PPF, NSC, etc. deleted. A new Section 80C introduced which allows a deduction from income of up to Rs 1,00,000 in respect of insurance premium, PF contributions and other schemes which were hitherto under Section 88.
In respect of educational loans taken for pursuing higher studies, the deduction shall be allowable only in respect of interest payment.
To encourage pursuit of higher education, the interest outflow would be eligible for deduction for a period of 8 years without any ceiling. Repayment of the principal amount would no longer be eligible for deduction.


Rebate of Rs 5,000 has been wiped off for women and rebate of Rs 20,000 from tax has been wiped off for senior citizens