Income tax information

Hello All,

My problem is not different from other tax payers. I have so many discussion with multiple CAs and didn't get proper response.

Problem:


Currently I am working for a Indian company with regular per month salary. Few months back one of my friend from US offered a job for their company. He is working there and they don't have offshore office in INDIA. It is negotiated that I would be working for them from here in INDIA and payment would be USD 40 per hour. Their company would be looking for the options for this engagement.

Recently I got confirmed from them that I would be working for a Indian company and this Indian company has subsidary office in US.

This Indian company agreed that my engagement could be either Independent contractor for them or Full time regular employee. The salary would be paid as INR and current exchange (Date 30th - 3rd of Month) would be considered for exchange rate.

Approx Monthly Data:

Total Hours: 160
Hourly Rate: USD 40

Total Monthly = USD 6400 (Sixty four Thousand Only)
Exchange Rate = 63.60

Total Monthly INR = 407040 (Four lakh Seven Thousand Forty Only)

Queries:

1. What would be best option in this scenerio? Shall I go for Indepedent contractor / Employee?
2. Looking minimum tax deductions


Thank you.

Regards,
Ziaul Haque