Freeller tax in India: what you need to know

Freeller tax in India: what you need to know

Recent highlights:

1. When it involves tax for freelancers, each must file Income Tax Return (ITR-3 or ITR-4).

2. But this comfort doesn't come for free since freelancers are also obliged to pay taxes to the government for their income, just like any other business person or a salaried employee according to the Income Tax Act.

3. Net Taxable Income from Profit & Loss Account: If freelancer's gross receipts are more than Rs. 50 lacs per annum or he thinks that his Net Profit is less than half of his Gross Receipts, then he can maintain Books of Accounts.

4. Since freelancers work on different assignments and their income is from domestic as well as international services, therefore, tax computation of their income can be confusing and brainstorming

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