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Financial particulars of the business

Ramesh (Software Professional) (32 Points)

20 July 2018

Is "Financial Particulars of the Business" section appicable for Freelancer under Section 44ADA. If applicable, what are the fields to be filled?

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RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 20 July 2018

Mandatory fields are Sundry Debtors, Sundry Creditors, Cash and Inventory*...

Not mandatory for other fields...

Ramesh (Software Professional) (32 Points)
Replied 20 July 2018

For Freelancer, these fields will be zero or need to enter any value. if I received income under section 194J as professional. Please help me.

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 20 July 2018

Yes.. You can fill 0 without blank...
All other leave blank...

Ramesh (Software Professional) (32 Points)
Replied 20 July 2018

Thank you. Is income from freelancer service match with Form 26AS. I paid self assessement tax for this income. Is any advance tax payment required for freelancer income under section 44ADA. The income is lessthan 10,000 in a year.

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 20 July 2018

Advance payable by whose Tax liability above 10k. Otherwise no need to pay advance tax...

Tds also treat as Advance Tax... It's reduced Your tax Liability's interests.

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