As Being Free Lencer

325 views
User Avatar

3 Points Posted on 21 February 2023
Hello I Wanted To Know As Being A Free Lencer Do I Have To File ITR 3 & Is It Necessary To Maintain Accounts On Tally? And Can I Minus Personal Expenses From Total Receipts ?
0 Reply Share Follow
On 21 February 2023 at 21:02 Report
Replies (4)
Quick Summary
This discussion clarifies tax obligations for freelancers. It explains that unless opting for presumptive taxation, freelancers must maintain accounts. Personal expenses cannot be deducted from business income. The conversation also touches upon the correct Income Tax Return (ITR) form to be filed based on the chosen tax scheme.

User Avatar

SEO Sai Gr. Hosp.
212441 Points Posted on 22 February 2023

Unless you declare the income under presumptive assessment, you are liable to maintain accounts u/s. 44AA of IT act.

Personal expenses cannot be deducted from income u/h. PGBP.

1 Reply
On 22 February 2023 at 12:07
User Avatar

231 Points Posted on 22 February 2023
You can choose presumptive taxation scheme if your turnover is below 2crore/50 lakhs in case of profession.

So you are not required to maintain books of accounts.
1 Reply
On 22 February 2023 at 17:34
User Avatar

3 Points Posted on 22 February 2023
Thank U Very Much For The Answers. So My 2nd Question Is In Presumptive Assessment I.ll Have To File ITR 3 ?
Reply
On 22 February 2023 at 22:53
User Avatar

231 Points Posted on 22 February 2023
ITR 4
Reply
On 22 February 2023 at 23:35

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Interview Questions
  2. ITR Filing Last Date 2026
  3. Tds - filing Conso File for tax year 2026-27
  4. ITR-3 Filing For AY 2026-27 - Tips
  5. Capital Gain on sale of Depreciated Factory Gala
  6. Interesting Observation from a Recent Income Tax S
  7. ITR 3 Utility Not Taking Marginal Relief on Net To
  8. MV Electrosystems IPO Allotment Date, Status Check
  9. TDS payment code query
  10. Query on FLAIR return

More recent discussions | Post

Related Topics :

Loading
Follow