- Opt for professional consultant. GTI before deductions u/s 80 will be Rs. 14 lacs and taxable income would be Rs. 11.50 lacs (assuming investment of Rs.2.50 lacs). Tax liability under old regime would be Rs.1,63,800. Tax liability under new regime would be Rs. 1,69,000. TDS @10% would be deductible by the payer i.e. Rs.2,80,000. Entire tax liability would be covered by TDS deductible by the company.
- As the gross receipts is more than Rs. 20 lacs you are liable to pay GST@18%. You have to issue proper invoice to the client on monthly basis. Also draft a proper agreement with the company.
- If the amount of GST is included in Rs. 28 lacs then we have to check the calculations whether you should go with consultant or salaried.
For detailed discussion you may opt for phone consultation.