Please guide me
This query is : Resolved
12 April 2012
Hello Experts,
Im working as a online based Freelancer since 1 year. as most of my work comes from outside india and get the payments in USD and then converted into INR and to bank.
I wanted to file Income Tax Returns. i have few queries which would greatly help me:
1. How does a Freelancer such as me can file tax returns
2. Under which category this type of work comes and which form should be applied for the income tax returns
3. Is the minimum limit (prescribed limit as per latest given in budger)of filing IT returns same for any type of work or there is a difference with the type of work im doing (freelancers)
4. Are there any special guidelines or rules for filing returns for the people like me who work as freelancers
Your help in answering these queries would greatly help me in filing the returns as a good and law abiding citizen of my country.
Kindly Help me
regards
Rohit Verma
Im working as a online based Freelancer since 1 year. as most of my work comes from outside india and get the payments in USD and then converted into INR and to bank.
I wanted to file Income Tax Returns. i have few queries which would greatly help me:
1. How does a Freelancer such as me can file tax returns
2. Under which category this type of work comes and which form should be applied for the income tax returns
3. Is the minimum limit (prescribed limit as per latest given in budger)of filing IT returns same for any type of work or there is a difference with the type of work im doing (freelancers)
4. Are there any special guidelines or rules for filing returns for the people like me who work as freelancers
Your help in answering these queries would greatly help me in filing the returns as a good and law abiding citizen of my country.
Kindly Help me
regards
Rohit Verma
13 April 2012
Dear Rohit
It is compulsory for every person, other than a company, whose total income from all
sources of income exceeds the maximum amount which is not chargeable to income tax in any previous year ending on 31st March is liable to file the Income-tax Return.
Please find answer of your queries
1.& 2: Since you are working as freelancer your income would be treated "income from business and profession".
3.The maximum limit of income not
chargeable to tax under the provisions of the Income Tax Act, 1961 is Rs. 1,80,000/- for assesment year 2012-13.There is no differnce for freelance and they would consider as professionls
4. You can deduct all your business expensese incurred for providing professional service from your revenue and you are liable to pay tax on Net amount (Revenue -Expenses).
If you have any other quires please feel free to write
Regards
CA. Laxmikant Saini
It is compulsory for every person, other than a company, whose total income from all
sources of income exceeds the maximum amount which is not chargeable to income tax in any previous year ending on 31st March is liable to file the Income-tax Return.
Please find answer of your queries
1.& 2: Since you are working as freelancer your income would be treated "income from business and profession".
3.The maximum limit of income not
chargeable to tax under the provisions of the Income Tax Act, 1961 is Rs. 1,80,000/- for assesment year 2012-13.There is no differnce for freelance and they would consider as professionls
4. You can deduct all your business expensese incurred for providing professional service from your revenue and you are liable to pay tax on Net amount (Revenue -Expenses).
If you have any other quires please feel free to write
Regards
CA. Laxmikant Saini
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- NRI starting business in India
- GST not cancelled by tenant
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
