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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Freelancers and Taxes

A 9 to 5 job is not something that appeals to everyone. Some people like to change a little so they can pursue other interests, spend more time with their loved ones, or simply avoid the boring routine. That’s why people work for the comfort of their sofas at home, a cool cafe, or workplace. In terms of income tax laws, freelancers are as obligated to pay income tax as other leading or business taxpayers.

Free operating income

Freelancing income goes into the picture when you are hired to work on certain part-time jobs and get paid for the job when you are completed and sent. You will not be a company employee or listed. You will not receive any benefits (such as PF) from the Company Law. You do not have to go to the office - in fact, you can complete the work comfortably (with a previously agreed deadline) at any convenient location. Any money you earn by demonstrating your intellectual or manual skills is income from work in accordance with the income tax laws of India. Such income will be taxable such as “Profit and Profit from Business or Professionalism”. Your total income will be the sum of all receipts you received while doing your job. Your bank account statement is a document you can rely on to extract this information, as long as you receive all of your revenue through bank channels.

Frequently asked questions

Add up all your receipts and determine your total amount. Subtract costs that are directly related to your job. Add income from other sources, name a home or savings account. Find the tax slab you are in and calculate the tax you pay. Remember to remove the TDS If the required tax exceeds Rs.10,000, you are required to pay tax in advance on the following deadline.

Krishna Gopal Varshney

Krishna Gopal Varshney co-founder & CEO of Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

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