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In today's time, Freelancing is a profit-making option. Hence, we find more and more individuals drawn to it. However, unlike salaried individuals, filing Income Tax Returns for a freelancer can get slightly complicated.
This blog strictly concentrates on upon freelancing income, and expenses that are allowed for deduction so that you understand the taxation part well.
Income earned by an individual by displaying intellectual or manual skills is the income from a profession as stated by income tax laws. However, if you are not an employee of an organization, and not entitled to a salary or any form of benefits such as incentive, bonus, provident funds, insurance, and the likes. The bank account statement is the most important document which a freelancer can rely on to obtain the information, provided that they have received all their professional income through proper banking channels.
This could be anything from tools, supplies expenses to travel expenses for meeting client which includes:
Every freelancer must file either ITR 3 or ITR 4 is applicable for you. Since the income will be regarded as income from business or profession. Although, Professionals who are choosing the presumptive taxation scheme can announce 50 % of their gross receipts as their income by filing ITR-4.
Given the number of cases, where work-related expenses are higher, is low, it is advisable to adapt to the presumptive taxation scheme to avoid penalties.
Online Legal India™ has made it easy for freelancers to file an Income Tax return because this platform is managed, operated and driven by CA, CS, IT professionals, Lawyers and Influencers, who have vast experiences within their respective fields.
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