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
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.
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
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.
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
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
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,
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