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9. FILE INCOME TAX RETURN
Phew !.. that will be for another post… later.
I am exhausted already…
So until then, ciao !!!
Recommended Read
✔ Go to First post, and Read again !!!
✔ http://wirc-icai.org
✔ http://www.simpletaxindia.net
✔ http://taxmantra.com
✔ http://www.accounting-n-taxation.com
✔ http://www.taxfaq.in/
✔ http://charteredclub.com
Disclaimer, Now that you have read it all
I am not an expert at accounts/taxation issues. The information shared with you here is compiled after extensive research and multiple reviews from certified CAs.
The purpose of this article is to enable you to make an “informed-start” on Income Tax computations, and does not claim to be a complete guide in itself.
All the information in this e-book has been obtained via google search.i.e to say, this is publicly available data. I have made an attempt collect and compile only those details which I personally feel that is relevant to fellow freelancer. More so like, one-freelancer-to-another.
I believe you too would agree that there is no “one size fits all” when it comes to taxation issues. There are multiple factors involved. So, it is THE BEST to connect with a CA and discuss things on a case-by-case basis.
Yes, they are highly priced. But, that is the price we ought to pay for their expertise. Let us respect that. One way to go about this would be to group yourself with fellow freelancers and negotiate on the price for bulk processing. But then, it is ultimately the CA’s decision to take your group, AND / OR, your decision to approach a CA on your own
~Deepa Govind
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Thanks for the uploading I-T for freelancers. One of my friend’s husband is doing freelance business consulting from this year. She was looking for a business expenses issues. When I googled your website came in handy. Information is very lucid I appreciate your effort on this.
Once again, thank you so much!
Sriram
Thank you Sriram
Glad that you found the content useful.
🙂
Sorry for the delayed response
Just a busy month at work.
This is super useful! thanks a lot
One question though. How do I know if I need to be audited or not? Is it based on a certain level of income in a year?
Yes @Tanu
It is based on the level of income in prev year
Requirement of Maintenance of Accounts
“ If your Gross Receipts from Freelancing / any Other Business / Professional exceed ₹10 lakhs or income exceeds ₹1,20,000/- in the Financial Year then you are liable to maintain books of accounts”
Requirement of Audit
“If your Gross Receipts from profession exceed ₹25 lakhs or from Business exceeds ₹1 crore in a financial year, you are liable to get your accounts audited by a Chartered Accountant.”
Please dowload the ebook and read the section in AUDIT
Weldone… Its a great read for freelancers like me… Thanks for taking time to share this knowledge…
@Kamla Shah
Glad that you found it useful. What do you freelance in?
Thank you for the article, on the links to tax slabs given here it is started that tax will be leived on the amount by which it exceeds. So let;s say my annual taxable income after deductions is 5,50,000 does this mean a tax of 20% will calculated against 5.5 lakhs or just 50,000 though.