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Income tax

Should you Choose to be Employee or Independent Consultant?

Employee Vs Consultant - The Tax Angle Few people while taking up a new job have the flexibility to work as an employee or independent consultant (also known as contractor or freelancer). If planned properly consultants have lower tax outgo for the same CTC (Cost to company). With Budget 2016 introducing presumptive taxation for some professionals like legal, medical accountancy, architect, IT […] Continue reading →

Form 12BB – New Form to claim Tax Exemptions by Salaried Employees

Form 12BB - New form for Salaried to claim tax exemption Every December to February, employers ask their employees to submit income tax investment proofs along with LTA/HRA proofs. The problem there is no standard format for the same. Each employer has different set of forms and asks for different investment proofs. To overcome this and to give uniform format across organizations, Income Tax Department has […] Continue reading →