This is a follow-up post to our post on Income Tax Implications for Freelancers since there has been revisions in the tax slab for Income tax by the Finance Minister recently. This is the most updated Tax slab for FY 2014-15 (AY 2014-15) . If you are a freelancer having a taxable income greater than 2,50,000 in the current financial year (14-15), you ought to ensure that you pay your taxes on time to avoid any hassles.
In one of previous post on WorknHire.com we discussed about the Income Tax Implications for the freelancers in India. While we had covered most of the points regarding income tax, one of the questions that most of the visitors of the website kept asking was about TDS and Service Tax. So here we discuss TDS deductions and its implications on a freelancer working in India.
The Freelance Industry is growing. The very fact that we call it an “industry” now is indicative of the fact. The Freelance Industry Report by Ed Gandia, founder of International Freelancers Academy, threw up some surprising and encouraging facts when we surveyed it. This survey contains all aspects of Freelancing so we decided to list down the most eye-catching facts of this report. Here goes:
With more and more growth of internet in India, the number of freelancers or independent contractors is on a steep rise. People prefer to work for themselves on their own terms than an employer and are capable of earning far more than what they would in their day to day job. So the question comes “Do I need to pay taxes for my earnings as a freelancer”? The answer is YES and you need to pay taxes and file your income tax returns even if you are an individual consultant or a freelancer.
Within Indian Law any individual running a business where he/she is the sole owner is termed as a Sole Proprietor, the same applies with a Freelancer. A person earning on his own is considered a Sole Proprietor and needs to file income tax returns using the ITR-4 return form . If you have any other income source (maybe your full time job) you need to include that as well while filing your income tax return.
“The Freelance Industry gets One More Boost with WorknHire.com”. YourStory.in, India’s Platform for entrepreneurs and Start-ups, covered Work N Hire and published a news article on 26th June 2012. We are glad to be a part of an article on YourStory.in and we thank the team for publishing a great article about Work N Hire.
A few days back we were contacted by Chitraparna Sinha from SocialVani for a review of Work N Hire. SocialVani interviewed our co-founders through email and published an unbiased review of Work N Hire. We are glad to have a chance to be reviewed by SocialVani.
Here is an excerpt of what Chitraparna Sinha from SocialVani had to say in her review of Work N Hire. You can read the entire review at http://www.socialvani.com/2012/06/work-n-hire-review/