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 🙏
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.
Don’t check Form26AS, that has become obsolete from few yrs. Prefer AIS and TIS forms.