• Contract worker

Hello, 

I am working as a contractor / consultant for a startup based in London. My income is roughly 28 LPA.  Can anyone help with relevant taxes I would be paying and timelines regarding the same. 
Asked 6 years ago in Income Tax

Firstly you need to register under GST under the category of export of services.

Secondly you need to file income tax return in july 2018 for the income earned in 2017-18

Vivek Kumar Arora
CA, Delhi
4825 Answers
1030 Consultations

5.0 on 5.0

Sure.. i can help.you in filling the return

Kindly share the details

Vidya Jain
CA, Kolkata
1008 Answers
58 Consultations

4.8 on 5.0

Hi

You are liable to pay income taxes and GST.

Income tax shall be according to slab rates and GST @ 18%. GST may be subject to refund.

A detailed tax plan can be framed out after discussion of all aspects of the consultancy.

Lakshita Bhandari
CA, Mumbai
5687 Answers
908 Consultations

5.0 on 5.0

Hi,

You will have to comply with two types of tax regulations:

1. GST - You will have to take GST registration and file quarterly returns. Whether you will have to charge GST or not will depend upon the type of services you are providing, the way you are receiving money etc.

2. Income tax - You will have to file income tax return annually and pay advance income tax quarterly. For detailed tax calculation, we will need various details

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

This is basically Export of services and if you are asking about Income tax only, In that case, you can avail expenses against the services provided to the company and file your return under section 44ADA under which you can file return declaring Profit @ 50% of Income received i.e Rs 28L.

After which you have to pay IT on the profits on basis of slab rates only (if you are providing services in your name only).

Another case is if you want to show profit below 50% of receipts, then you can to maintain books of accounts and you have to obtain audit report.

Hope this will clarify your query.

Thanks,

CA Sourabh Pahuja

Sourabh Pahuja
CA, Delhi
78 Answers
1 Consultation

5.0 on 5.0

Hi,

Please elaborate where are you based at, do you get your receipts in foreign currency, does your client have any presence in India, and if yes, how is it related to your working.

Kindly note that if you provide services outside India and receive consideration in convertible foreign exchange, you will be exempt from GST.

As far as Income Tax is concerned, you will be liable to pay taxes as Profits and Gains from Business and Profession. If any tax is paid outside India, you will be eligible for DTAA benefits also.

Regards,

Sunny Thakral
CA, Delhi
224 Answers
8 Consultations

5.0 on 5.0

Hi,

Please get yourself registered under GST and you will have to pay income taxes at the applicable slab rates and pay quarterly advance tax.

Regards,

Nikhil

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

Hi,

GST is not applicable since it will be an Export.

Pradeep Bhat
CA, Bengaluru
542 Answers
94 Consultations

5.0 on 5.0

1) GST Returns & Payments - Monthly, as of Now 20th of Next month

2) Advance income Tax (15th March of FY)- Assuming you opt for 44AD/44ADA under IT Act

3) ITR- 31st July of Next FY

4) ESI and PF, if more than 10 person are employed by you (15th of Next month)

Brijendra Tripathi
CA, Lucknow
143 Answers
3 Consultations

5.0 on 5.0

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