My wife is in assignment as Freelance consultant to an overseas client. She gets consultancy fees remitted by bank transfer.
Please guide about Income tax implication on her consultancy fees.
Thanks
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Income Tax for Freelancers
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Her income will be taxed under the head "Income From Business & Profession". She has to maintain Books of Account and has to make Balance Sheet and Profit & Loss Account every year. She has to pay tax on the net profit as per Profit & Loss A/c, which is to be adjusted as per Income Tax Act. All permissible deductions under Income Tax will be available.
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