I am an IT consultant working as a salaried individual in an MNC.
Apart from routine job,I also provide my services in abroad privately.
The company is based out in US and has hired me as a contractor. I receive my professional fees in dollars and it gets converted in my Current account in INR.
I want to know the tax calculation procedure in case where I am providing my professional services out of India. I have created my own private ltd.under which I take such assignments. Also want to know any double taxation or any such procedure.
If you receive the payment for contracts from abroad in your name it will get taxed in your hands along with salary and however if any amount has been deducted by them as tax in abroad can be claimed as credit in order to avoid double taxation.
In case if you receive the payment in the name of the company you have created it will get taxed separately in the company name and they will also be eligible to claim credit of tax if any deducted in abroad while making payment.