Anil Rego | Answer |Ask -Follow
Financial Planner - Answered on Apr 08, 2022
Is this compensation exempt from tax, if so on what head I need to file. The salary received as consultant how to calculate my tax exemption?
The consultancy income is taxable under the head of Business or Profession. This head allows you to reduce expenses linked to business or profession like rent of office, telephone, conveyance expense, repair and maintenance, depreciation of vehicle for business use, depreciation on compute, photocopies, printers etc. If you use these provisions, it will be more tax efficient than salary income.
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