Pay salary as individual

Hi

 

I am doing some freelance work for a foreign company from India. And receive the pay in US Dollars that then gets converted to INR in my bank account. Some of the work is being done by another person through me. I have to pay for that work from the money that is received from the foreign company.

 

How do I keep a record of the amount paid for future income tax reference? And do I have to cut TDS from the amount paid?

 

Also, do I have to pay the income tax in advance quarterly?

 

Thanks You!

Replies (1)

you are taking services of a professional , and TDS is deductible from such professional fees, only when your accounts are subjected to audit in previous year under sec 44AB, as a individual.

 

upto 60 lacs of turnover of yourself you are not liable for sec 44AB except in case where you declare tabable income below 8% ( refer sec 44AD)

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