I am a newly appointed consulting engineer to a coirporate
infrastructure company.I am offered a consultation fee of
Rs.!500000(fifteen lakhs) per annum.
My question is for the purpose of working out the income
tax what is the gross income.Is it the balance of the fee
received less the service tax paid ?
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Answer / sumit
for income tax purpose u r income is assumed is rs 15 lakhs
net of service tax
u have to pay service tax on 15 lakh
ie means u have to charge service tax extra in u r bill
& compnay can get the service tax benefit against this
so there is no loss to the company
if compnay is manufacturing co. or a service provider
company
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