How to reduce income tax

This query is : Resolved

Share Report Follow Query Ask a Query

manu

manu (Querist)
Follow

30 November 2013 Hi All,

Can anyone suggest anyone about income tax .

Thanks In Advance

Manu

KidsMitra.com

MEHUL SHAH

MEHUL SHAH (Expert)
Follow

02 December 2013 If you are getting income under the head of Salary, no deduction or allowance is available against your Income.

However, you shall be benefited if you show the activity not as salary but as Professional income. As you said, you are paid as contractor so you may claim your receipts as business receipts instead of salary.

However, you need to maintain books of accounts for the business viz Balance Sheet , P/L but it would be helpful as you can then claim all legitimate business expenditure viz lease rent, electricity, stationary, other cash expenses.

You can also claim deduction for the depreciation cost of your Computer and Car.

In case you need any further help, you can mail me.

PS : Also check if the US Company is deducting any Federal Tax. Generally it does and in that case, you are also entitled to take the set-off of the tax paid in US from Indian Tax payable.

Regards,
CA Mehul SHah
9723459572
mehul@raseshca.com

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vishal Kapadiya

Prashant Kotecha

Rajesh

Akash Sawant

JACOB ABRAHAM KURIALANICKAL

Subscribe Now

How to reduce income tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

GST CONSULTANT

CA Final

Senior Executive

Manager- Finance and Compliance