For high earners in India, the decision between being salaried or a consultant hinges on several factors, notably tax implications. The traditional tax regime allows various deductions and exemptions, reducing taxable income for salaried individuals. In contrast, the new tax regime offers lower rates but fewer deductions, potentially favoring those with minimal expenses. Consultants can benefit from claiming business expenses but face more complex tax filing processes. Ultimately, the choice depends on individual circumstances: consultants with significant business expenses may find it advantageous, while salaried employees may prefer simplicity in tax filing.
Choosing Between Salaried and Consultant Roles for High Earners in India
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