Do I need to pay income tax

Depends on your profession and fee you receive. But otherwise yes you will be assessed to tax as there is no special exemption for freelancers. There is a different way of calculating taxable income but you need to meet certain conditions. Please talk to us to have a detailed discussion.

Hi

Please let us know your turnover to decide the applicability of income tax and GST. Also, if you are providing services in India or outside.

If you are doing freelancing individually then you need to pay tax as per slab rate. It will be taxable as business income.

Income tax is tax on your income so you have to pay taxes on watever you earn .

It is always advisable to file return but taxes will be payable only if your income cross the prescribed limit .

Yes, provided your total.income exceeds 2.5 lacs.

Let me know if you require assistance in return filling. The due date is 31st July

Yes, you will have to pay income tax.

Depending upon the nature of business and turnover, you may opt for presumptive taxation also wherein you will have to pay tax only on 50% of your total income from freelancing.

Ofcourse..it would depend on ypur yearly income.

You can speak to me for further clarifications

Hi,

There are two types of tax laws that exist in India. The determination of tax liability does not depend upon the service or business you do but on your residential status in India.

1. Direct Taxes: As a freelancer also, you shall be liable to pay taxes in India. However, the tax liability shall commence only if your total income exceeds 2.5 lacs during a financial year.

2. Indirect Taxes: This is not the tax levied on income. However, a person carrying on any business or profession shall be liable to register under GST and pay the taxes only if his total income exceeds 20 lakhs.

Thanks

Damini

Hii,

Hope you are doing well !

You have two options:

1. You need to pay income tax as per slab rate applicable to you if your total income exceeds 2.5 Lakh during the financial year.

2. You can also opt for the presumptive scheme under section 44ADA - Applicable to professionals .

To avail presumptive scheme u/s 44ADA, gross receipt from profession should not exceed Rs. 50 Lakhs

Computation of Income as per section 44ADA is as below:

50% of the professional receipts have to be shown as income as per the scheme. No further expenses will be allowed to be claimed from such income. However, you can claim individual deductions under section 80.

if you need any further clarification, please let me know.

Thanks & Regards,

Payal Chhajed

there is no special provision for Freelancer . If your income increased by Prescribed rate you need to pay taxes

Current Slab rate

ncome Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 – Part I

Income Tax Slabs Tax Rate

Income up to Rs 2,50,000 No tax

Income from Rs 2,50,000 – Rs 5,00,000 5%

Income from Rs 5,00,000 – 10,00,000 20%

Income more than Rs 10,00,000 30%

Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.

Dear Sir,

As you are a freelancer , if your total income is more than taxable income (i.e. Rs.250,000) than you have to file your ITR mandatorily.

However it is advisable to file your ITR in every circumstance as it will help you to raise loan in future & few Other benefits also.

For any query related to Income Tax, GST, Audit, Regsitrations feel free to contact.

+[deleted]

it depends on your total income. if your net income exceeds 2.5 lac then you will have to check your tax liability.

Under the Indian tax laws, any Indian sourced income is taxable in India. Accordingly, your income earned from freelancing business would be taxable in India.

Hi

if you are providing freelancer services and your total services doesn't exceeds 20 Lac in a financial year then you are not required to register under GST and not required to pay any GST.

As far as income tax is concern, you has to pay taxes on all your income i.e. freelancer services but tax will be levied on slab basis if you your taxable income is below 2,50,000 for FY 2017-18 then you are not required to pay any taxes. Further there are lots of deductions are available to you which will reduce your income so that you have to pay less or Nil Tax.

Hope it will help you