Income Tax Computation for Employees working in Partnership firm

dear Sir

I want to know if the the employees / retainers as most of them are known as: working in a Law firm which is on partnership basis, do fall under the normal tax bracket as anyother employee does, of a normal Company registered under Company's Act 1956. presently I have been deducted a flat @10% on the Gross salary paid by the employer. there is no PF policy maintained by the company too. Is it correct???

asked Oct 19 '11 at 09:35 by Siddhartha Sarkar 1111

They would be treated as consultants and not regular employees. In that case, income would be taxable as per rules of income from business or profession.

All expenses towards profession can be deducted from income.

answered Oct 19 '11 at 20:16 by Pankaj Batra 5.2k320


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Asked: Oct 19 '11 at 09:35

Seen: 2,015 times

Last updated: Oct 19 '11 at 20:16