What is the difference between calculating tax for individual and Consultant?
If your question is about Indian Income Tax, then read my answer. Please note that consultant may be an individual or a company. The income for consultant (either and Individual or a company) has to be shown under the head “Income from Business or Profession”. They are allowed to show all expenses related to their profession or business and the balance is their net taxable income. If the consultant is an Individual, then his income will be taxed as per slab rates after the expenses and he can save 1 lakh in tax deduction investments u/s80C and can save through home loan like a slalaried individual. If it is a company, the net income is taxed at a flat rate and there are no slabs for company. The company cannot invest in tax savings investments u/s 80C. All salaried classes are individuals only. The salary people cannot claim any expenses for transport, telephone charges, car depriciation, interest on car loans etc. The income will be taxed as per slab rates. They can claim house loan,
