Regular salary vs consultancy: Here's how the tax treatment differs

Nowadays, many of us prefer to work independently as a consultant or freelance than being associated with full time with an organization, being on their payroll. This is because of the enormous flexibility one gets to have by being self-employed. However, it is equally important to understand that flexibility cannot be the sole determining factor to choose self-employment over being salaried. Financial and tax compliance plays a significant role in deciding which option is more suitable for you. These have been discussed in this article.

Taxability

First and foremost, it is important that one understands that a salaried individual gets