WebJan 23, 2024 · Updated: 23-01-2024 12:55:13 PM. As per Union Budget 2024, the TDS rate for the payment of fees for technical services under Section 194J of Income Tax Act has been reduced to 2% from 10%. The TDS rate for the payment other professional services except that for technical services remains same at 10%. This change in TDS rate will …
Income tax: How are freelancers, consultants taxed? Mint
WebAug 3, 2024 · An income from profession means the income earned due to the skill you possess (intellectual skill or a manual skill). As per the Income Tax Act, income from such … The most common self-employed retirement plan is a Simplified Employee Pension plan (SEP). You can put in up to 25 percent of your net earnings from self-employment, which is your net Schedule C profit minus the deduction for one-half of your self-employment tax. The maximum annual contribution for … See more Many people are career freelancers. Others find themselves doing freelance work after a corporate downsizing or other job loss. Although being a freelancer, … See more Although self-employed individuals can deduct 100 percent of health insurance premiums paid for themselves, a spouse and dependents, the deduction is allowed … See more If you regularly and exclusively use a portion of your home or apartment or use a separate structure not attached to your house as your principal place of business … See more Sole proprietors who hire their kids to do data entry, answer phones, clean the office and perform other business-related activities can deduct their wages on … See more floating badewanne
What Is Income From Other Sources? Taxability, Exemptions and …
WebAug 3, 2024 · What is section 194J under the Income Tax Act? Section 194J stated that any person who is paying fees to any resident person for specified services, then TDS is … WebJun 5, 2024 · The percentage of profit in relation to turnover in business is much less than a profession. Income Tax Act recognizes this fact as the rate of presumptive income for … WebMay 1, 2024 · Basically, income from consultancy is treated as business income in the view of the income tax department, The highest tax imposed for a consultant is 11.33% which also includes the education cess. The consultant is also liable to pay service tax up to 15 % above income ₹ 10,00,000 (Ten Lakhs). Income as a consultant up to ₹ 20000/- is not … great hill dental