ITR for freelancing gig
I have been freelancing since Dec'23. They connected my account details via RIPPLING. They asked me to fill a form (W8-BEN) in which I had to add my PAN. I pulled 26AS for 23-24 but not seeing anything from this company in there. Since this is my first time doing freelancing I'm not sure how to move from here. Should I add it as income from foreign sources? Or I need to do something else. If someone has any experience in this field do enlighten me please š
Pro_CA
Stealth
2 months ago
If your total income is less than 50 Lakhs then you are eligible for presumptive taxation u/s 44ADA, this limit increases to 75 Lakhs if your cash receipts is less than 5% of total receipts or you can say 95% or more receipts are through banking channels.
Eg. Total income - 20 Lakhs
Taxable income u/s 44ADA will be = 20L x 50%= 10Lakhs
And you have to pay tax on 10L instead of 20L under normal provisions.
You don't have to maintain Books of Accounts under this.
Pro_CA
Stealth
2 months ago
*Here total income refers to gross receipts from your freelancing income
Whitefang
Stealth
2 months ago
Thankyou so much @Pro_CA , this will help me a lot š
See more comments
Donāt check Form26AS, that has become obsolete from few yrs. Prefer AIS and TIS forms.
Whitefang
Stealth
2 months ago
I actively contribute in open-source projects. That's how I landed this. But keep in mind this did not happen in 1 day. It took me a good 5-6 months
BiryaniEnthu
Stealth
2 months ago
Did you get in foreign currency or INR?
Foreign companies won't add/update your 26AS. You have to be honest and declare it
Whitefang
Stealth
2 months ago
I get it in INR
Whitefang
Stealth
2 months ago
Oh man the tax is going to rock my world š¤£
See more comments
Discover More
Curated from across