Income Tax Filing For Freelancer
Starting From ₹ 7,999
- Preeminent Income Tax Filing Services
- Simplify your income tax filing
- Adjust your capital gains and losses
- Ensure smoothness and transparency
- Secure, seamless, and high-quality work
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Brand highlights
$1 Million
Raised to provide quality service to startups
3000+
Registered Every year
5%
Market Share in Trademark Registration
5000+
Startups and MSMEs Served
About Income Tax Return For Freelancers
Freelancing income comes into the picture when you get hired to work on precise assignments for a precise term and get paid for the work upon completion and submission. A freelancer is not an employee of the company or placed on its payroll. Their gross income will be the sum of all receipts they get in the method of carrying out their profession. Their bank account statement is a document you can depend on to cull out this information, provided that they have obtained all their professional income through banking channels.
The income tax form that freelancers require to fill out and submit is either ITR-3 or ITR-4. ITR-3 applies to income from business or profession. From AY 2017-18 (FY 2016-17), professionals can opt for presumptive taxation and claim 50% of their gross tokens as their income by filing ITR-4.
Advantages of ITR For Freelancer
Allows carry forward of losses
During The First Few Years Of A Business, Most Businesses Suffer Losses. The ITR Can Be Filed To Carry Forward Business Losses Or Capital Losses For Up To Eight Years. As Well As Being Able To Adjust This Loss Against Future Income, It Can Also Be Used To Lower Taxable Income In The Future. If ITR Is Not Filed, The Taxpayer Is Denied This Benefit.
Define financial worth
The ITR Filed With The Government Specifies The Financial Worth Of The Taxpayer. The Track Of ITR Shows The Financial Capacity And Also Raises The Capital Base Of A Person. Hence, The Track Of Income And Financial Worth Is Determined By The Previously Filed ITR. Investors And Institutions Look Ahead To Returns Filed To Understand The Capacity Of The Business.
Loan Processing and high-risk cover
The Numbers And The Capital Base Specified By The Income Tax Return Are Helpful For Loan Processing. The Higher The Financial Worth, The Easier It Is To Process The Loan. The Same Is True For High-Risk Insurance. The ITR Is A Significant Document For Making Decisions In This Regard.
Income tax refund
Filing Tax Returns Is Not Just Done To Fulfill The Moral And Social Responsibility Of Every Citizen Of The Nation. If You Want To Claim An Income Tax Refund, Filing Of Income Tax Return Becomes Compulsory.
Income Tax Return for Freelancers Process Flow
1-2 HOURS
2 WORKING DAYS
2 WORKING DAYS
2-3 WORKING DAYS
2-3 WORKING DAYS
Documents required for income tax filing for freelancer
- PAN
- Bank statements (from 1st april to 31st march)
- TDS certificates
- Interest certificates from Post Offices & Banks (if any)
- Tax-Savings Investment Proofs (if any)
- Home Loan statement from NBFC/Bank (if any)
- Capital Gains
- Aadhar Card
- Deductions under Section 80D to 80U (if any)
pricing packages
Basic Package
₹ 7,999
- Turnover Upto 20 Lakh
- Acknowledgement
- Computation sheet
- TDS claim
- Taxable income calculation based on given information
- P/L Balance sheet
Growth Package
₹ 11,999
- Turnover Upto 40 Lakh
- Acknowledgement
- Computation sheet
- TDS claim
- Taxable income calculation based on given information
- P/L Balance sheet
Premium
₹ 14,999 (increase in case of tax audit required)
- Turnover above 40 Lakh
- Acknowledgement
- Computation sheet
- TDS claim
- Taxable income calculation based on given information
- P/L Balance sheet
Comparison
| Comparison Basis | Private limited company | Llp | Sole proprietor |
|---|---|---|---|
| Raising Fund | ✓ | ✕ | ✕ |
| Start-Up India Recognition | ✓ | ✓ | ✕ |
| Complince Cost | ✓ | ✓ | ✕ |
| Suited For | Growing Startup | Service Provider | Small Business |
| Taxation Benefit | ✓ | ✓ | ✕ |
FAQs
The General due date for filing income tax return by the assessee requiring tax audit is 30th September of the relevant financial year.
ITR-3 must be filed by individuals and HUFs who have income from carrying on a profession or from a Proprietary business.
If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.
XML is a type of file format. Income details entered in the XML file get easily auto-entered in the online Form ITR-4
- A return can be revised u/s 139(5) before processing by the department or before the expiry of the applicable assessment year whichever is earlier.
- While uploading the original return if the assessee failed to disclose any income or claim any deduction or he likes to change the particulars of the ITR he can do revision in his ITR by uploading the fixed return.
Yes, as per the latest government announcement, all business units and taxpayers are obliged to give their Aadhar number while filing income tax returns and also when applying for a new Permanent Account Number (PAN). Further, the taxpayers are needed to link their PAN numbers with Aadhar numbers and on a strict basis, the PAN cards which are not connected to the Aadhar Numbers will be considered invalid.
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