I earn in USD every month (around 1.6L) and I am an Indian resident. I am working as a contractor for my company on a full time basis. And hence, I have figure out on my own how do I pay taxes. Can anyone guide me on how to regularly pay taxes, save tax and also claim ITRs. I heard section 44ADA is applicable but I do not know how can I start managing my finances better. Any guidance is welcome and appreciated
Thank you
Get a CA. It's an expense that you have to make.
Would you work on a slow Intel i3 processor? No right, you'll spend on quality hardware.
Same goes for taxation. Get an expert.
First register for GST as international payments are subject to it above 1 rupee. Then get a Letter of Undertaking (LUT) and submit it every year to avail 0% GST on services rendered. Talk to a CA nearby to file GST returns quarterly and LUT annually
My understanding of tax is as good as that of a middle schooler. The question is obvious, for someone who can't levy HRA, LTA or anything else, how do I pay less taxes?
All I can levy, I think is tax free investments up to 1.5lac.
The foreign companies pay you the exact amount without deduction and the taxes need to be paid by the individual.
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