Whitefang
Whitefang
Stealth

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 🙏

4mo ago4.2K views
Pro_CA
Pro_CA
Stealth4mo

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
Pro_CA
Stealth4mo

*Here total income refers to gross receipts from your freelancing income

Whitefang
Whitefang
Stealth4mo

Thankyou so much @Pro_CA , this will help me a lot 🙏

BiryaniEnthu
BiryaniEnthu
Stealth4mo

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
Whitefang
Stealth4mo

I get it in INR

Whitefang
Whitefang
Stealth4mo

Oh man the tax is going to rock my world 🤣

HideMyName
HideMyName
Stealth4mo

@Whitefang - I was searching for freelancing. Can I get a chance ?

Whitefang
Whitefang
Stealth4mo

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

shpinq
shpinq
US Based MNC, India location4mo

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

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