Income Tax for Freelancers – Foreword & Introduction


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CA Karan Batra

Albert Einstein once said “The toughest thing in this World is to understand Income Tax”. But he said this in the 20th Century. Had he been living in the 21st Century, he could have never said that because 21st Century is the era of content that is being created by Bloggers from across the globe.

And the same is the case with taxes as well. There is a lot of information present on the internet regarding Income Tax. However, most of them are giving generalised information and not specifically pointing towards Income Tax for Freelancers.

But after reading this book which has been authored by Deepa Govind, I’m sure that no blogger would say what Albert Einstein said. This book has been written in the simplest possible language so as to make it easy for non-finance people to understand taxes. I’m impressed to note the hard work and dedication that has been put in by Deepa to ensure that this book is simple to understand while ensuring that the book is comprehensive in all aspects.

Benjamin Franklin once said “The only thing certain in life is death and taxes”. We can’t do anything about the 1st thing but we surely can do a lot about the 2nd thing i.e. taxes. I hope this book will answer all your tax related queries.

CA Karan Batra


Freelancing is fondly referred to as “extra income” for reasons galore. Some want their hobby to pay for itself, while for someone else, it is about “test the waters” before taking the big-decision. But, that is beside the point. The point is – Income From Freelancing Is Indeed An INCOME, however small / marginal. And, “Any income derived by way of freelancing job is taxable under the provisions of Income Tax Act. 1961 as “Profits and Gains from Business / Profession”. Refer this post written way back in 2009, thanks to Ranjit Xavier.

So, how do we actually go about filing our Income Tax? While at office, the designated CA takes care of this.

As a freelancer, not all of us have the affordability of hiring a CA... not to mention the fact that... we freelancers are wary of disclosing our income sources to someone else, unless the person is family, or, a very very very very trusted friend. Eventually, that leaves us to ourselves to do our taxes and do the paper work... doesn’t it? So, roll up your sleeves and let us get started.

Smiley Checklist

Our Check List will be as under

  1. Tax Payee or not ? Where do you fit in?

  2. Know your Income Sources – Calculate TOTAL Income.

  3. Business Related Expenditure – Isolate work related expenditure (Remember to save the bills and receipts)

  4. PROFIT & LOSS – Compute NET Income

  5. Know your Tax Deductions and Exemptions – Calculate Total Deductible Amount.

  6. Calculate TAXABLE INCOME.

  7. Understanding Income Tax Slabs – Compute Tax Amount on your TAXABLE INCOME.

  8. Pay Income Tax – Advance Tax

  9. Due Dates to remember.

  10. Example

  11. Book of Accounts & Auditing.

  12. File your Income Tax Return *

* Not included in this ebook. Hope to have it as a separate ebook.


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