by DancingRaccoonStealth
Anyone working as a contractor for a US client ?
Need help understanding a contractors tax liabilities. Have some questions like what ITR form you fill and some others. Let me know if anyone can help
SleepyHamster
Contractor or Employee?
I need help deciding whether to be an Employee of a company or a contractor.
When I am a contractor, I am basically stating my company is my client and am charging for my services. So responsibility of tax is on me. And I have heard that businesses can declare 50% of revenue of as expenses. Thereby saving alot on tax ( not that knowledgeable in this )
But being an employee, the company will handle the taxes ( I become an employee of an agency and my company hires me from this agency)
Can you all please guide me what option should I take? How do freelancers handle their taxes?
8mo ago
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WobblyPancake
Meta8mo
Obviously contractor whenever you can. Unless your company is public and giving you shares or you see potential in startup which only grants esops to employees, there is no other benefit or being an employee. You can buy those health and terms plans with the shit ton of taxes you are gonna save.
SleepyHamster
Stealth8mo
Employees have paid leaves n public holidays in India . Contractors, they just gotta do 40 hours a week by hook or crook.
MagicalDonut
Stealth8mo
Working on contract basis will always save you taxes
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Curated from across
Personal Finance15mo
by BouncyBurritoStealth
Paying 29L as tax this year!!
I just want to vent out! Many businesses are earning double than me and paying less than 50% of tax and yet here I am as a professional bound to pay tax. And that’s not enough, I still can get audited!
Top comment
I paid 43L last year. 😤😖 It feels like I own every inch of new BLR airport. 😅