How much tax does a student has to pay as a freelancer?

HI Brandon!

You have to create your A/c @ incometaxindiaefiling.gov.in for filing online returns.

You can make e-payment of tax thru online challan 280 @  https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp

You can calculate ur tax @  https://www.taxmann.com/tax-calculator.aspx

suppose u have to calculate ur taxes for F.y.:2011-12,then u have to select Assessment year:2012-13.

The Tax rates applicablefor u are as follows:

Upto 1,80,000=========>NIL

Rs.1,80,000-Rs5,00,000=>10%

Rs.5,00,000-Rs.8.00.000=>20%

more than Rs.8,00,000===>30%

You can fully avail all expenses incurred to earn the Income.U have to keep separate a/cing records for ur business & profession,i.e.;freelance writing is a profession and website hosting is a business.Assuming you are a Resident Indian ,all ur income i.e;Indian & Global income is taxable in India.

Thanks & regards,

Rupesh

Hi Rupesh thanks for the reply. I just began in December and was wondering if I have to pay in March or something? When does the financial year start? Sorry for the silly questions but I'm just 19 and not into TAXes :)

And what will be the type of payment?

Self assessment tax? or something else.

In Full name this is said: Name (as per Income Tax Department database) will be displayed on confirmation screen (So, do I have to be registered on the database - I guess its the other link you provided).

I guess I'll have to use net banking right? I'm an Indian Resident btw.

Dear Brandon:

1 The financial year followed in Indian Income tax is from  April to 31st March.

2. In case of your total tax liability is less than Rs. 10,000/- then you can pay tax on self assessment basis, else you will have to pay tax in advance.

3 The name should be same as printed on your PAN card.

4. For payment of taxes you have to use net banking.

dear brandon i would also like to be in content writing as a freelancer ...can you just help ??????

Hi Ketan Kumar,

Thanks for all the help. But, you say if its more than 10k you would have to pay in advance? How do I know how much to pay - just a round up of the possibility? Also taxes are 10% from 1,80k onwards right - so doesn't that make it 18k tax? According to the tax calculator Rupesh gave me above if the income is 2lakh the tax is just Rs 2060 - is this right?

Thanks again

Brandon

Mohit Kumar I sent you a private message if you need help ask me.

@ Brandon: for first 180000/- tax is nil, from 180000/- to  500000/- tax is 10%. Also add 3% of tax for cess. so if your income is Rs. 200000/- then tax will be Rs. 2060/- (200000-180000)*10.3%

Ok thanks I didn't know you had to consider the part above the threshold. Got it thanks for all the help