This video comes with notes. Check them out here: bit.ly/3hrtjgb Check out my former video on calculating taxes on your income here: bit.ly/3UzcYVa Subscribe to my all new Shorts channel, warikoo Shorts, and learn personal finance and career tips in less than 60 seconds! t.co/pMdPNe4Quf Order my first book ‘Do Epic Shit’: ankurwarikoo.com/doepicshit My Money Apps Zerodha (for investing in Indian stocks): bit.ly/3iYKROh INDMoney (for US Stock investing): bit.ly/37M1rik (use my code AWG to get free google stock) Smallcase All Weather Investing: bit.ly/3u0is0I Smallcase Capitalmind Momentum: bit.ly/3j0oBnn Smallcase Weekend Investing: bit.ly/3KEYCxW WazirX (for Crypto): bit.ly/3O4KC2F Wint (for corporate bonds): bit.ly/3sbUI8c Get insurance advice from Ditto: bit.ly/3xFh7OU My gear for shooting this video: 🎥 Sony a7III camera: bit.ly/3M42wAV 🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0 🎙 Shure SM7B Microphone: bit.ly/3O1NAVA 🔆 Fill Light 60W: bit.ly/37aJolP 💡 Key Light 150W: bit.ly/3O9nyjs 📽 Benro IT15 Tripod for Sony a7III camera: bit.ly/3O4PvJ1 Useful links: 20 books for your 20s: bit.ly/WarikooBooks 20 online courses for your 20s: bit.ly/WarikooOnlineCourses Gadgets that I use: bit.ly/WarikooGadgets
Sir mein aapka bahut baada fan tu huo hi but I have a question ki mere pass 500 rupees hai aur mujhe invest karna hai ki 1/5/10 years baad mein mujhe profit agar koi aisa platform hai to please tell me Sir and I am a student. Thank you
Being a Freelancer and Accounting Student I can say how well this video is made. When I was struggling I tried to find videos relating to Freelancing Taxation and Accounting Just few weeks back I found No video explaining things properly. I repeat NO ONE EXPLAINED IT BETTER Though I know most of these things now, it's very helpful ❤️
I m a full time employee with 4.1Lpa salary and I earned 1L through freelance so my total income becomes 5.1 LPA so how much tax do i need to pay? And how. My freelance income comes to me after TDS of 10%. Can u help?
8:23 In India, the classification of dropshipping income can depend on various factors, and it may not necessarily be considered freelancing income. Dropshipping involves selling products without holding any inventory, and the income generated is typically viewed as business income. Freelancing income, on the other hand, is often associated with providing services on a project basis, where you are compensated for your skills or expertise. This could include freelance writing, graphic design, programming, and more. It's important to note that tax regulations and classifications can evolve, so it's advisable to consult with a tax professional or accountant in India to get the most accurate and up-to-date information based on your specific situation.
It will not fall under freelancing. drop shipment will fall under any normal business income. However this taxation rule also applies to business income under section 44AD. In business income,taxable income will be presumed at 8%of total revenue(non digital transaction) and 6%of total revenue(digital transaction). If business income is less than 2Cr then only you can avail this.
@@shashwatbajpai9888 Yes he/she has done right. It will fall under profit and gains from business or profession head. And you do have an option to pay tax under presumptive taxation rules if it benefits you, otherwise normal rates will be applicable in your case. But income will be considered business head only
correction : even if u file taxes u/s 44ADA, you still have to maintain accounts. This is because of section 44AA which says certain business / professions have to maintain accounts. You can check the details in IT act. What 44ADA says is that you do not need to get these books audited by CA. But tax officials can still ask for books if you are audited. One more nuance : 44ADA says that if your actual expenses if below 50%, then you should pay tax on real profit (not just 50%). But I think Income Tax is pretty lenient about this and if you declare that your expenses are 50% or less - they will not probe you further. But as per IT law, you have to maintain books of accounts and pay taxes on the real profit
Any case law? My expenses could be as low as 20%. So do I pay tax on balance ? Which is saying 100 is gross income. 50 is gross profit. 20 is expenses. Then do I pay on (50 plus 30 =) 80 as tax. Majority cA says yes.
Thank you so much for this. Before this I only knew about Income tax if you earn more than Rs. 5 lakh. This information really help me a lot. Thank you again. Love and Best wishes for you and your team. ❤❤💐💐
Few questions, being a salaried person and a freelance software developer, 1. How to bill your client if he is a foreigner ? 2. How to bill your client if he lives in India. 3. A biller name must be a company name which I have to think of or I can write my name also ? 4. Do I need to add any percentage of sales tax in the bill of service to my client ? If yes then please let me know A. What amount of tax will I charge if billing is within India and if billing is for a foreign client ? B. Under which head do I charge sales tax ? C. How to deposit that collected tax ?
Thank you so much for making such videos. One thing I want to ask is.. if we opt for new tax regime in one year, can we opt for the old tax regime the next year if that's beneficial in that particular FY ? I am asking this because I have been told that once you change to the new regime, you can't go back to the old regime again.
I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do?
I invest with Mrs Carol Ann Mcelroy she charges a 20% commission on profit made after every trading session which is fair compared to the effort she put in to make huge profits
3:44 Fixed Assets are not allowed as expenses. It's just like buying medicine from medical store without consulting with a doctor. Better to consult with CA in Practice and avoid future litigation.
Sir moonlighting means like if an employee is already employed in one company on their payroll basis but if the same employee get employed in some other company on their payroll then it's called moonlighting
I am a CA Sir. Drop shipping will come under business income which will get covered U/s. 44AD of the Act wherein turnover limit is 2 crores and minimum profit shown should be 6% only.
Thank you so much, Sir. Right video at right time with right content for me. 😊 I work as freelance consultant in supply chain planning domain. This video provides useful information to freelancer like me.
Few Pointers to highlight: 1. GST charged on Invoice from customers should be paid in subsequant month (GSTR-3B) irrespecitve of whether you are following accrual or cash based method; 2. Accrual or Cash Based Accounting method is prescribed under Income Tax Act, whereas GST chargeability is governed by GST Act; If your freelance income exceeds 10 or 20 lakhs then have a CA consultant probably small firm for any tax consultancy!
Hello sir I have two doubts, can you please clarify those for me...... 1. Can I apply asset depreciation cost after deducting the 50% expense? 2. The quarterly settlement funds which come directly to my bank account from Kite/any stockbroker, will also be counted as my income? Let's say I have received 50k as a quarterly settlement fund from my stockbroker, that 50K will be counted as my income or not?
Hi! Thanks for this informative video. I wanted to know what are the things I would need to consider in case my client is a foreign client, lets say a US based client. Could you suggest taxes for that if its different ?
Hello video is very informative.I have one client based on Europe.He said he want invoice with all tax details.But my net worth in below 20 Lakh and usually pay TDS on my freelancing.Please guide me how I can create taxable invoice
Thank you for sharing such useful information. However, I still have one query. If an individual has capital gains from stocks, then can individual still file ITR4? Thanks in advance.
If you are being paid directly in foreign currency, GST technically doesn't apply to you as it is seen as export of services. Keep in mind that if you are being paid by a platform such as upwork, you will have to pay GST.
I hate the fact that we all need to watch complex videos (this is complex for me atleast). paisa kamana already hard hota hai, aur upar se going through all of this is just a waste of time, itni facilities bhi milti hai hame jitna ham pay karte hai?
Great content!!! Ankur sir I guess taxes are indispensable but why does government charge it on freelancing for maintaining the internet services 🤣😂 jokes apart Maybe for some other reasons!! But why moonlighting is considered illegal in India as its one's choice whether be it for an employee if its not harming the any company's work!!!
Hi Ankur , this is a gr8 vid.. amazingly helpful for freelancers . Ankur , just a query .. its a clutter on the website when I tried . Can Freelance adfilm producers opt for 44ADA ? and if yes do we have to continue this for next 5 yrs ? I am planning to opt for this when I file my returns in April 2024. Do I need to pay advance tax by 31st march , I my TDS exceeds my tax to be paid .. It will be really helpful if you can clear these doubts. Thanks and continue the good work .
Dear Sir I am a freelancer (software developer and digital marketing expert) (practicing for the past 12 years) My all transactions are via bank transfer. I wish to fill tax under 44ADA (presumptive income scheme) ITR 4. I get more than 1.5 lakhs per year from Bank FD interest for which the banks deduct TDS @ 10%. I get Saving bank interest about Rs 10,000/-. If my declared gross receipts from clients are 40 lakhs / year at 50% my taxable professional income will be 17.5 lakhs. I do invest in PPF 1,50,000/ and LIC 40,000/- How do I calculate my tax under 44ADA? Thanks in advance
Suppose i am having salary income and i am an active intra day trader , so for a year if gross income is less than 50 lakhs then i don't have to maintain a record book or my transactions need not to be audited by the auditor or it is different for this case. And also if tax will be based on presumption income as it is not like i am in some freelance profession ?
Thanks for sharing such informative video. If someone's saleary is 50L/PA and freelance income is Rs.50L, will the excumptons under Sec.44ADA be applicable here i.e.Salary under 30% tax and free lance income is 50L-50% =25L at 30% tax?
Hi Ankur I know this was posted 2 years back but I was concerned about what type of bank account can I transfer the money into current, savings. Because I have just started with freelance in the name of Walk 2D and have 2 clients for graphic designs for their businesses so how can I maintain this money flow, shall I open up a new account in the name of walk 2d or my own name, it will be a great help thank you🙏, and yeah it was a very amazing and informative video thanks a lot 🙂
When charging international clients you don't need to charge any GST in your invoice as GST in only for local national's. But as per govt law you will still need to apply for GST when income above 20, 00, 000. Wish you could have explained GST related processes.
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
This video comes with notes. Check them out here: bit.ly/3hrtjgb
Check out my former video on calculating taxes on your income here: bit.ly/3UzcYVa
Subscribe to my all new Shorts channel, warikoo Shorts, and learn personal finance and career tips in less than 60 seconds! t.co/pMdPNe4Quf
Order my first book ‘Do Epic Shit’: ankurwarikoo.com/doepicshit
My Money Apps
Zerodha (for investing in Indian stocks): bit.ly/3iYKROh
INDMoney (for US Stock investing): bit.ly/37M1rik (use my code AWG to get free google stock)
Smallcase All Weather Investing: bit.ly/3u0is0I
Smallcase Capitalmind Momentum: bit.ly/3j0oBnn
Smallcase Weekend Investing: bit.ly/3KEYCxW
WazirX (for Crypto): bit.ly/3O4KC2F
Wint (for corporate bonds): bit.ly/3sbUI8c
Get insurance advice from Ditto: bit.ly/3xFh7OU
My gear for shooting this video:
🎥 Sony a7III camera: bit.ly/3M42wAV
🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0
🎙 Shure SM7B Microphone: bit.ly/3O1NAVA
🔆 Fill Light 60W: bit.ly/37aJolP
💡 Key Light 150W: bit.ly/3O9nyjs
📽 Benro IT15 Tripod for Sony a7III camera: bit.ly/3O4PvJ1
Useful links:
20 books for your 20s: bit.ly/WarikooBooks
20 online courses for your 20s: bit.ly/WarikooOnlineCourses
Gadgets that I use: bit.ly/WarikooGadgets
Are RUclips and Sponsorship income comes under freelancing income?
Warikoo Sir please make a informative video about the taxes for earned income in Crypto Market...🙏🙏and how to file ITR after generate an income...🙏🙏
Sir , plz make a video on freelacing for students
Interesting question:
Would you consider hiring a freelancer for your team if he/she already has a full-time job in 2022?
Sir mein aapka bahut baada fan tu huo hi but I have a question ki mere pass 500 rupees hai aur mujhe invest karna hai ki 1/5/10 years baad mein mujhe profit agar koi aisa platform hai to please tell me Sir and I am a student. Thank you
What a fantastic video from Ankur Sir. You don't need to watch another video on freelancing tax after you have watched this video.
Ankur , your data engineer is doing commendable job...
Great content - thanks for your effort in putting this together.
Great video, I was looking for this. Next up can you make a video on How to file Taxes online?
Loved your video! Thanks so much!
sir i can't tell you how helpful this video is for me
Thanks Ankur, this video cleared freelancing tax doubts. :)
Being a Freelancer and Accounting Student I can say how well this video is made.
When I was struggling I tried to find videos relating to Freelancing Taxation and Accounting
Just few weeks back
I found No video explaining things properly.
I repeat NO ONE EXPLAINED IT BETTER
Though I know most of these things now, it's very helpful ❤️
I m a full time employee with 4.1Lpa salary and I earned 1L through freelance so my total income becomes 5.1 LPA so how much tax do i need to pay? And how.
My freelance income comes to me after TDS of 10%.
Can u help?
Agreed 💯
@@mahabubsubhan8765bro same is with me. I am so confused. Please tell me what you have did
Very Useful Video for Freelancer
Wow , this is a modern-day service to people. very helpful
Feedback appreciated
For more info
Wʜᴀᴛsᴀᴘᴘ ᴍᴇ 👆🏻👆🏻
Thanks for the video.
8:23 In India, the classification of dropshipping income can depend on various factors, and it may not necessarily be considered freelancing income. Dropshipping involves selling products without holding any inventory, and the income generated is typically viewed as business income.
Freelancing income, on the other hand, is often associated with providing services on a project basis, where you are compensated for your skills or expertise. This could include freelance writing, graphic design, programming, and more.
It's important to note that tax regulations and classifications can evolve, so it's advisable to consult with a tax professional or accountant in India to get the most accurate and up-to-date information based on your specific situation.
What about tutoring business
As we first need a video how to properly start freelancing .. many of us needed🙌🙏
Thank you so much! This is going to help a lot :)
Ankur, you can't believe .. today only I asked about this topic on your Instagram post 😅😂...and tannnnaa you made a video on this 😘
Thank you so much for making this wonderful video. It's really valuable
Thank you for such valuable information ❤️❤️
Loved ur content Ankur and the way you present it. You're too good.
Best video
It will not fall under freelancing. drop shipment will fall under any normal business income. However this taxation rule also applies to business income under section 44AD. In business income,taxable income will be presumed at 8%of total revenue(non digital transaction) and 6%of total revenue(digital transaction). If business income is less than 2Cr then only you can avail this.
thanks and i wanted to know if the same things for free freelancing as ankur sir said also falls for youtuber
Hi, What about tutoring ?
My CA filled it as 44AD, BUT I am mainly a freelance tutor
@@shashwatbajpai9888 Yes he/she has done right. It will fall under profit and gains from business or profession head. And you do have an option to pay tax under presumptive taxation rules if it benefits you, otherwise normal rates will be applicable in your case. But income will be considered business head only
@@ChuckleCheese636 Same business income and presumptive taxation can be availed
@@akankshagupta9660 Thanks, my doubt was is it ok to show 50% profit and 50% expenses.
Fun fact - more than influencers, non-influencers are watching 👏👏
Freelancer*
@@mohammadzaid1251 Weird guy NGL. Influencers kaha se aa gaye lol
This content like pure gold
Useful information.... Thank you 🙏
Thanks a lot for the guidance Ankur. I watched a lot of videos. Your videos cleared everything. Thanks again.
Great video! Very beginner friendly Please make one for freelancers getting payments from foriegn countries.
thanks for for explainging this!! quite helpful :)
Very Good content....Awesome...Simple and clear
correction : even if u file taxes u/s 44ADA, you still have to maintain accounts. This is because of section 44AA which says certain business / professions have to maintain accounts. You can check the details in IT act. What 44ADA says is that you do not need to get these books audited by CA. But tax officials can still ask for books if you are audited.
One more nuance : 44ADA says that if your actual expenses if below 50%, then you should pay tax on real profit (not just 50%). But I think Income Tax is pretty lenient about this and if you declare that your expenses are 50% or less - they will not probe you further. But as per IT law, you have to maintain books of accounts and pay taxes on the real profit
No
Any case law? My expenses could be as low as 20%. So do I pay tax on balance ? Which is saying 100 is gross income. 50 is gross profit. 20 is expenses. Then do I pay on (50 plus 30 =) 80 as tax. Majority cA says yes.
Can you make a video on how did you learn FINANCIAL SKILLS ? Did you learn it in ISB ?
He has MBA in Finance
Most awaited video, thanks for it.
Brilliant sir.. very clear.. more than a class lecture
Bhuttttt khoob ap NY Bata ya
Thank you Ankur!
Great video
This was helpful. Thank you Sir😊
Sir please make complete video or roadmap on how to become freelance video editor
Thank you so much for this wonderful video
Bahot khoob thank u sir
Main bhi abhi koshish karonga tax pay karne ka
Warikoo sir pls guide us for upcoming recession...how shud we start investing career
Sir we need more detailed videos on this topic plsss
very useful, thank you sir
very useful information sir ..thank you so much 🙂
Thank you for your tips!!
Notes are also amazing 😍
Bhutto bhutt khoob
This is needed
Thank you so much for this. Before this I only knew about Income tax if you earn more than Rs. 5 lakh. This information really help me a lot. Thank you again. Love and Best wishes for you and your team. ❤❤💐💐
Big fan sir🙌 your all videos are very informative and contents are very helpful🙂
man this was really helpful
What is this happening??? Freelancing mein bhi government gus rha hai....har chij pe pabandi hojaega toh kya hoga ...kya hee hoga...sab bakwas hai ..😅
Few questions, being a salaried person and a freelance software developer,
1. How to bill your client if he is a foreigner ?
2. How to bill your client if he lives in India.
3. A biller name must be a company name which I have to think of or I can write my name also ?
4. Do I need to add any percentage of sales tax in the bill of service to my client ? If yes then please let me know
A. What amount of tax will I charge if billing is within India and if billing is for a foreign client ?
B. Under which head do I charge sales tax ?
C. How to deposit that collected tax ?
Did u find the answers?
Thank you so much for making such videos. One thing I want to ask is.. if we opt for new tax regime in one year, can we opt for the old tax regime the next year if that's beneficial in that particular FY ? I am asking this because I have been told that once you change to the new regime, you can't go back to the old regime again.
I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do?
trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
I invest with Mrs Carol Ann Mcelroy she charges a 20% commission on profit made after every trading session which is fair compared to the effort she put in to make huge profits
wow i'm shocked you just mentioned and recommended Mrs Carol Ann Mcelroy i thought i'm the only one trading with her
you dont need to be shocked because i'm also a huge beneficiary of Mrs Carol Ann
i stumbled upon one of her clients testimonies and decided to try her out.. i'm expecting my third cashout in 2days
3:44 Fixed Assets are not allowed as expenses.
It's just like buying medicine from medical store without consulting with a doctor.
Better to consult with CA in Practice and avoid future litigation.
Please make same video for small business and startup
Can't believe I'm watching a video on how to pay taxes.
Can u make a video about genuine side hustle with the website link?
Ankur please make a video on STEP BY STEP GUIDE TO FILE ITR 4
Thanks for the feedback.
What’sapp the number above for more beneficial investments and mentorship
Can we have more videos on taxation for freelancers thank you
Watching this video, I fell in love with you!
nifty alpha 50 pe video please
Sir , pls make a video on freelancing for students
Sir moonlighting means like if an employee is already employed in one company on their payroll basis but if the same employee get employed in some other company on their payroll then it's called moonlighting
Very nice 👍
Thanks for the feedback.
What’sapp the number above for more beneficial investments and mentorship
I am a CA Sir. Drop shipping will come under business income which will get covered U/s. 44AD of the Act wherein turnover limit is 2 crores and minimum profit shown should be 6% only.
Thank you so much, Sir.
Right video at right time with right content for me. 😊
I work as freelance consultant in supply chain planning domain. This video provides useful information to freelancer like me.
Few Pointers to highlight:
1. GST charged on Invoice from customers should be paid in subsequant month (GSTR-3B) irrespecitve of whether you are following accrual or cash based method;
2. Accrual or Cash Based Accounting method is prescribed under Income Tax Act, whereas GST chargeability is governed by GST Act;
If your freelance income exceeds 10 or 20 lakhs then have a CA consultant probably small firm for any tax consultancy!
Ankur make a video on freelancing
Hello sir I have two doubts, can you please clarify those for me......
1. Can I apply asset depreciation cost after deducting the 50% expense?
2. The quarterly settlement funds which come directly to my bank account from Kite/any stockbroker, will also be counted as my income?
Let's say I have received 50k as a quarterly settlement fund from my stockbroker, that 50K will be counted as my income or not?
Thanks
Hi! Thanks for this informative video. I wanted to know what are the things I would need to consider in case my client is a foreign client, lets say a US based client. Could you suggest taxes for that if its different ?
Please sir make a video on how teens can save money if they get
Money in online form ( Phone pay)
Hello video is very informative.I have one client based on Europe.He said he want invoice with all tax details.But my net worth in below 20 Lakh and usually pay TDS on my freelancing.Please guide me how I can create taxable invoice
0:51 Isn't 44AD / 44ADA a better option ?
Thank you for sharing such useful information. However, I still have one query. If an individual has capital gains from stocks, then can individual still file ITR4? Thanks in advance.
Awesome video! But I have a question: what if the services are being provided to a foreign client? What are the GST and TDS rules in this case
same question
If you are being paid directly in foreign currency, GST technically doesn't apply to you as it is seen as export of services. Keep in mind that if you are being paid by a platform such as upwork, you will have to pay GST.
I hate the fact that we all need to watch complex videos (this is complex for me atleast). paisa kamana already hard hota hai, aur upar se going through all of this is just a waste of time, itni facilities bhi milti hai hame jitna ham pay karte hai?
can you make video on export of services???
Great content!!! Ankur sir I guess taxes are indispensable but why does government charge it on freelancing for maintaining the internet services 🤣😂 jokes apart Maybe for some other reasons!! But why moonlighting is considered illegal in India as its one's choice whether be it for an employee if its not harming the any company's work!!!
Dear sir, could you please explain the tax that is applicable if a so send money to his mother account from Dubai Or European country
@warikoo SO, I should pay this or not
What about affiliate marketers ..pls let me know
Indian GST System itna complicated hai ki, ab to chakar aane lag gaye hai.
So as a photographer, how do I show myself as a freelancer, do I need to have a registered company or a current account?
Drop shipment can be done as a freelancer.And can be taxed as per 44ADA that's what I have learnt in my CA studies.
No you can not. It can be considered under section 44Ad
Which is better job as Salaried or Consultant employee?
Hi Ankur , this is a gr8 vid.. amazingly helpful for freelancers . Ankur , just a query .. its a clutter on the website when I tried . Can Freelance adfilm producers opt for 44ADA ? and if yes do we have to continue this for next 5 yrs ? I am planning to opt for this when I file my returns in April 2024.
Do I need to pay advance tax by 31st march , I my TDS exceeds my tax to be paid .. It will be really helpful if you can clear these doubts. Thanks and continue the good work .
6:43 ye freelance income hai yaa freelance profit
Dear Sir I am a freelancer (software developer and digital marketing expert) (practicing for the past 12 years) My all transactions are via bank transfer. I wish to fill tax under 44ADA (presumptive income scheme) ITR 4. I get more than 1.5 lakhs per year from Bank FD interest for which the banks deduct TDS @ 10%. I get Saving bank interest about Rs 10,000/-. If my declared gross receipts from clients are 40 lakhs / year at 50% my taxable professional income will be 17.5 lakhs. I do invest in PPF 1,50,000/ and LIC 40,000/- How do I calculate my tax under 44ADA? Thanks in advance
How tds will work with foreign clients?
Hey hi sir, Do a contractor employement can also file ITR-4 or is their any other ITR for that?
As per the new budget, isn't the limit for 44ADA 75 lakhs? for FY 2023-2024?
Sir, can we receive the USD to our personal account as freelancer?
Yes, I am getting.
What happens if you only keep freelancing and don't maintain or pay taxes? (Assuming income below 10lac)
Do you get answer bro
Suppose i am having salary income and i am an active intra day trader , so for a year if gross income is less than 50 lakhs then i don't have to maintain a record book or my transactions need not to be audited by the auditor or it is different for this case. And also if tax will be based on presumption income as it is not like i am in some freelance profession ?
Bro at least makes an effort to make your channel legitimate, who will think you as warikoo 🤣🤣
Thanks for sharing such informative video. If someone's saleary is 50L/PA and freelance income is Rs.50L, will the excumptons under Sec.44ADA be applicable here i.e.Salary under 30% tax and free lance income is 50L-50% =25L at 30% tax?
Hi Ankur I know this was posted 2 years back but I was concerned about what type of bank account can I transfer the money into current, savings. Because I have just started with freelance in the name of Walk 2D and have 2 clients for graphic designs for their businesses so how can I maintain this money flow, shall I open up a new account in the name of walk 2d or my own name, it will be a great help thank you🙏, and yeah it was a very amazing and informative video thanks a lot 🙂
It applies to foreign income?
When charging international clients you don't need to charge any GST in your invoice as GST in only for local national's. But as per govt law you will still need to apply for GST when income above 20, 00, 000. Wish you could have explained GST related processes.
You don't need to apply. It's seen as export of services.