Full Time Freelancers are found in every sphere. Of those few make real good business while other strive. Failure rate in freelancing is pretty, i suppose more than 90%. Freelancing demands for over promise and over delivery.
Majority of freelancers do not fall in tax bracket, paying taxes and then filling return and that too claiming 100% return looks just idiotic task. But hold a minute, its not that way. Chose to pay advance tax whether your income is taxable or not.
When you pay advance tax, its like lending the money for the use of expenditure. Government will use this money till you file and claim return. Of course there is a set deadline to file income tax return. If your income is not taxable you can claim for 100% refund. This way you will contribute to national development.
In addition, government will also recognize you as responsible person. If you are a full time freelancer ITR is a document that shows you work, it works same like salary slip does. ITR also required when you go buy a house on EMI or any other household item or may be when you need a study loan for your kids, ITR will prove truly helpful.
If you are beginner in freelancing or someone who is still waiting to next year act now, pay your taxes and make the route to your future.
This article is written keeping Indian Audience in mind.
Majority of freelancers do not fall in tax bracket, paying taxes and then filling return and that too claiming 100% return looks just idiotic task. But hold a minute, its not that way. Chose to pay advance tax whether your income is taxable or not.
When you pay advance tax, its like lending the money for the use of expenditure. Government will use this money till you file and claim return. Of course there is a set deadline to file income tax return. If your income is not taxable you can claim for 100% refund. This way you will contribute to national development.
In addition, government will also recognize you as responsible person. If you are a full time freelancer ITR is a document that shows you work, it works same like salary slip does. ITR also required when you go buy a house on EMI or any other household item or may be when you need a study loan for your kids, ITR will prove truly helpful.
If you are beginner in freelancing or someone who is still waiting to next year act now, pay your taxes and make the route to your future.
This article is written keeping Indian Audience in mind.
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