Freelancers, Businesses, and Professionals(Basic)

Income tax filing for freelancers, businesses, and professionals involves documenting earnings, identifying deductions, and complying with specific tax laws. Freelancers must account for self-employment tax, while businesses navigate diverse structures and expense categorizations. Professionals may qualify for unique deductions. Utilizing tax software or professional help can streamline the process and optimize outcomes.

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Freelancers, Businesses, and Professionals(Basic)

About this service

Freelancers , Insurance & Commission Agents ,Businesses under Section 44AD/44AE, Professionals under Section 44ADA.

Service includes

  • ITR Filing Assistance by CA Experts
  • ITR Preparation by Certified Chartered Accountants
  • Tax Planning And Tax Savings Strategies
  • Suggestions on Best Tax Saving Options
  • Quarterly Advance Tax Services
  • 24x7 Customer Support From CA Experts

Document Requirements

Freelancers:

  • Income Tax Return (ITR) Form: You'll likely use either ITR-3 or ITR-4. ITR-3 is for income from business or profession in general, while ITR-4 is for those opting for the presumptive taxation scheme (declaring a percentage of gross receipts as income).
  • Form 26AS: This form summarizes your tax information, including Tax Deducted at Source (TDS) by clients. It helps calculate your tax liability.
  • Records of Income and Expenses: Maintain good records of your freelance income (invoices, contracts) and business expenses (rent, travel, equipment) to support your tax deductions.

Businesses and Professionals:

  • ITR Form: The specific form depends on your business type and income. Consult a tax advisor for the appropriate form.
  • Form 26AS: Similar to freelancers, this form is crucial for tax calculation.
  • Financial Statements: Business bank statements, profit and loss statements, and balance sheets will be needed.
  • Business Registration Documents: Proprietorships may need a copy of their Gewerbeamt registration (Germany) or Business License (US), while Companies will need their Certificate of Incorporation.

Additional Notes:

  • TDS certificates issued by clients (if applicable).
  • Proof of tax payments made during the year (advance tax, self-assessment tax).
  • For businesses with turnover exceeding a certain limit (e.g., Rs 1 crore in India), a tax audit report might be mandatory.

Frequently asked questions

Common deductions include business expenses such as office supplies, equipment, travel, and marketing costs. Freelancers can also deduct expenses related to their home office, while professionals may qualify for deductions like professional development expenses and licensure fees.

Freelancers typically use either ITR-3 or ITR-4, depending on their income sources and whether they opt for the presumptive taxation scheme. Businesses and professionals should consult a tax advisor to determine the appropriate ITR form based on their business structure and income.

Form 26AS summarizes tax-related information such as TDS (Tax Deducted at Source) by clients. It is essential for accurately calculating tax liability and ensuring that all income sources are accounted for during the filing process.

Yes, businesses with turnover exceeding a certain threshold may be required to undergo a tax audit and submit a tax audit report along with their income tax return. The turnover limit varies by country, so it's important to check the relevant regulations.

Absolutely. Taxpayers can claim credits for taxes paid in advance (such as quarterly advance tax payments) or through self-assessment tax. These credits are applied to reduce the total tax liability for the year, potentially resulting in a refund or lower tax bill.
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What our clients say

See what our clients have to say about their experience working with us and our team.

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

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Rohit Agarwal

5 Star

Good Services by Mr. Gopal Krishna ji, the entire process of starting from filing the return till refund is completely smooth & seamless. I strongly recommend to try their services once & you never turned back. I have been a happiest & loyal customer since last 5 years. Thank you & keep up the good work in future.

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Harisaran panda

5 Star

Its been a few years i have been filing ITR through My ITR online and the experience has always been just the best. I am not jumping on to this conclusion but only after submitting different type of ITR during these years i can confidently say i am completely satisfied by the advice given and overall performance. Look forward for many more years of flawless service !

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Bhuvan Arora

5 Star

I have been dealing with My ITR Online and Gopal Varshney for over a decade now. The firm is highly professional, prompt, efficient and courteous. Its been a pleasure dealing with Gopal and I would highly recommend his services. Keep up the great work !!

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Priya H

5 Star

I am availing services of my itr online and till now it's been wonderful experience. Good job my itr online team !

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vineet sharma

5 Star

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