What are some smart ways in which to minimize tax liabilities as a freelancer? Should I look at forming an HUF, sole proprietorship, PLC?
Use Case - I am looking at remote opportunities with US startups and many of those pay their overseas teammates as independent contractors; not as employees.
In such case where CTC > 40LPA fixed, what are some of the best tax saving hacks that one can execute?
TIA!
Register for a sole proprietorship, as it’s under 75L/yr, you can opt for 44ADA, where you only need to pay taxes on half of your income. Also since above 20L/yr, you’ll also need to register for GST. Speak to a CA to get the idea for filings and registration, at max this should cost you 500 bucks a month ish
Not PLC for sure has it’s own compliance & secretarial costs, can look at proprietor/partnership based on other sources of income. In partnership you can claim benefit and split the profits and file the ITR accordingly
My understanding of tax is as good as that of a middle schooler. The question is obvious, for someone who can't levy HRA, LTA or anything else, how do I pay less taxes?
All I can levy, I think is tax free investments up to 1.5lac.
I need help deciding whether to be an Employee of a company or a contractor.
When I am a contractor, I am basically stating my company is my client and am charging for my services. So responsibility of tax is on me. And I have heard th...