Tax Calculation software for Consultants

Dear All,

I work as a Project Manager in a Software company but hold the designation of a
consultant. I earn Rs. xyz per month and my company deducts 5.1% as TDS every
month. I am giving an Invoice everymonth to my company (with my name and residence address). My company is urging me to get a PAN immdly to pay my tax.

I downloaded a XL template from ynithya.com but it is for salaried employees.
It would be helpful for me to understand if i get a similar XL template for calculating my tax with an example calculation (GENUINE) with all possible/allowable heads like deductions, excemptions, rebate, allowances, etc.

I am not sure whether i need a PAN or not. Few of my friends told me that if i apply for a PAN i have to file my return every year. Can any one guide me to get a PAN and filing my return? What type of return i should file??

I was told that after completion of the financial year, the company would issue me a TDS certificate and I would be able to claim a refund from the income tax department.

Please advice me.

Thanking you in advance.

Sincerely,
Bhaskee

Hi,

Getting PAN is easy these days. I remember when I was in India, 5 to 6 years back I applied for PAN and did not get it. But in 2003, if I remember right, there came a new PAN application process and they issued PANs within a few weeks to a month. Just approach the income tax office close to the locality you live and you can get more details.

Regarding filing your returns, along with TDS your company should be giving you a FORM-16(not sure whether this is for salaried employess only or also for consultants), using which you can fill out the retuns form issued by the Tax dept. and file it.

Varalotti should be knowing more of this. Probably he didn't notice your message.

Rgds,
Poojitha

Dear Poojitha,

Thanks for your message

I have already applied for PAN at nearby I-T PAN Service Centre. FYI

They charged me Rs 60 for application and Rs.5 for PAN form.

I am looking for someone to help me in calculating my tax.

Sincerely
Bhaskee