You have to show it as business income and pay income tax on it if you are exceeding the exemption limit
Freelancing income from abroad
Hi, I have a steady job and i did some freelance IT based consultation work for a UK company, now they need to pay me around 2000 GBP for it. If i invoice the company and get the payment from them in my personal account what kind of tax do i have to pay for it ? This is the first time i have done freelancing work so i do not have much information on this. Any help would be appreciated
Asked 7 years ago in Income Tax
What is the exemption limit and is there any rebate for women?
Asked 7 years ago
You are asking for which year.?
The income is in the nature of business income and you need to pay tax on it, after claiming expenses attributable to earn such income, like travel etc. There is no separate exemption or rebate for women. The basic exemption for individuals, who are not senior citizens, is Rs 2.5 Lakhs.
As per our view the same is taxable as it is earned in India. The exemption limit is the same i.e slab rate applicable to indian citizens
Hi,
Service to UK based company is not liable to Service Tax.
Only tax that you need to pay on the Income is Income Tax
Hi,
You have to show this income( income from freelance) under income from business or profession.
you can also show this income under presumptive income under section 44ada.
can refer this link
http://www.charteredclub.com/section-44ad/
you can receive this income in your personal saving account. if the amount is high and regular then you can open current account.
there is no exemption or rebate for women.
but you can opt for 44ada
Dear Sir,
Yiu have to pay income tax on it.
Please let us know what kind of work have you done? Does it involve software engineering or any other engineering? What is your qualification?
Certain professionals are allowed to give tax on 50% of professional income.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hello,
Yes, you shall have to pay tax on the freelance income subject to the tax slab you fall in.
Regards
Keerthiga Padmanabhan
M.Com., CA, LLB
Hello,
Yes, you shall be liable to pay tax on your Freelancing Income depending on the tax slab you fall into.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hello,
The basic exemption limit for male/ female under the age of 60 years is Rs.250,000/-.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Ask a Chartered Accountant
Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
Ask a CA