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Freelancer Tax

Tax planning 111 views 1 replies

Amol

Contractor

21 Points Joined December 2021

Hi Members,

I have filed my ITR for FY 2020-2021.

Since 1 September 2021 I am working as a freelancer. Prior to that I was working full time at one company.

I am interested in paying Advance tax (Presumptive tax ) under section 44ADA.

1. From April 2021 to August 2021 I had a full time job. Which ITR should I choose ?

2. Can someone guide what are the dates for paying Advance tax ?

3. Am i eligible for paying advance tax under Section 44ADA ?

4. Consider an example lets say i have gross receipts of 1.5 LPA per month starting from September 2021 to March 2022. How much tax should i need to pay ?

Replies (1)

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

1) you may use itr4 if you opt for 44ada

2) advance tax to be paid by 15th March 2022

3) Yes, if you have taxable income

4) consider 50% of professional income, add salary and other income if any and compute tax. You may use tax calculator on the IT portal to compute tax payable.