Hi, does any1 know if home based Medical Transcrptionists in India file their returns & pay income tax?

Question

I wanted to know if MTs in India who are earning income majorly from home based MT, r filing their tax returns? If yes, under what category and what is the process to pay our Income Tax? do we show our tax records to the online companies who give us MT jobs? how safe and reliable is home based MT in India as far as taxation in India is concerned? Also do we have different tax rates and r we eligible for loans from banks and other financial bodies? Tried searching google but it wasn't so helpful. thnx

Answer 1

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Answer 2

Legitimacy is one thing and taxation is totally another.

Your tax returns has nothing to do in this regard. I know that there are companies like Spheris which do a good job and issue TDS certificates (read Fomr-16). There are other online scams and non-scams which say that they cut 5% etc as tax but do not issue any Certificate to you. In that case I do not think you have much choice but to ensure that you pay tax again since there is no proof of you having paid any tax. You fall in the normal category of salaried employees and the tax slabs for this FY are:

General:

Up to Rs.150,000--------------NIL

Rs.150,001 to Rs.300,000-----10 per cent

Rs.300,001 to Rs.500,000-----20 per cent

Rs.500,001 and above---------30 per cent

Women:

Up to Rs.180,000--------------NIL

Rs.180,001 to Rs.300,000-----10 per cent

Rs.300,001 to Rs.500,000-----20 per cent

Rs.500,001 and above---------30 per cent

Senior Citizens:

Up to Rs.225,000--------------NIL

Rs.225,001 to Rs.300,000-----10 per cent

Rs.300,001 to Rs.500,000-----20 per cent

Rs.500,001 and above---------30 per cent

If the cmpany is a good one and issues Form-16 there is no reason why should not look at it as a full-time acreer.

Regarding bank loans etc, the bare minimum that you need will be pay slips from the Company you work - so once again you need to join proper registered firms.