Hello Experts!
I have few questions regard the income tax for different employment...
- Who will have to pay least income tax in case of Regular, Contract & FreeLancer employment?
- What is the difference in between Contract & FreeLancer employment in context of IncomeTax?
- I know little about the "44ADA" section, but not sure whether it is applicable for both Contact & Freelancer.
- Anything about the GST would be applicable in Contact & Freelancer employment?
1 Answers
Hi,
1 - Depends on quantum of income & applicable tax slab rate.
2 - A contractor may or may not be self-employed with an employment that is usually defined by the terms of their contract. Contractor generally works for one client full-time for a set period, often in the client’s office.
Whereas a freelancer is self-employed, works independently, selling work or services by the hour, day or job. Generally works for several clients at once, often on a per-hour or per-day basis.
3 & 4 - I do not have the required expertise to answer these points. You may kindly consult a Chartered Accountant.
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