Is income from freelancing taxable in India?
As per the income tax laws, freelancers too are liable to pay taxes for the income they earn just like other salaried or business taxpayers.
Is income from abroad taxable in India?
Assuming you would qualify as ‘Resident and Ordinarily Resident’ in India upon return; as a ‘Resident and Ordinarily Resident’ of India, you would be taxable on worldwide income in India and will be required to report all foreign assets in the India income tax return (ITR).
How can freelancers Save taxes in India?
Freelancers can save tax by making claims for expenses incurred on their business. Expenses such as phone bills, travelling expenses, internet bills, conveyance, etc. can all be claimed as business-related expenses.
How can I receive payments for freelance work from Indian clients?
1. Receiving payments for freelance work from Indian clients 1.1. Direct bank transfer 1.2. PayTM 1.3. Google Pay 1.4. Instamojo 2. Receiving payments from foreign clients 2.1. PayPal 2.2. Transferwise 2.3. Xoom For Indian clients, direct bank transfer is the easiest way to receive payments. The clients can initiate NEFT or IMPS.
What are the taxes on Freelancer income in India?
There are 2 types of the taxes on freelancer Income in India i.e – Income tax basically imposed on the income which is earn by the freelancers. its doesn’t matter that its earn within in India or outside India. so you have to always show your income to government of India by the way of Income Tax Filings in India.
What is service tax registration certification for freelancers in India?
Service tax registration Certification is very important thing for the freelancers in India even if you want to run any business on your brand name like XYZ Services instead of your name, then you can apply for the Service tax registration even if your turnover is less than 9 lac in a year.
How to file income tax returns as a freelancer?
Alternative Option- You can use ClearTax which is user friendly website to file your Income tax returns or else you can buy affordable and cheap income tax plans for the freelancer on MyOnlineCA. Service Tax is applicable on the freelancer when their turnover or total services billing is more than 9 lac in a year.