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The income earned by the individual is subject to tax. The tax levied on the income of a person is Income tax, which is levied and collected by the Central Government. Such tax on income earned is payable in the same financial year wherein it is accrued in the form of advance tax. But the intimation and calculation of the income as well the tax liability is provided in the Assessment Year. This intimation form is called Income Tax Return.
Freelancing income comes into the picture when you get hired to work on specific assignments for a specific term and get paid for the work upon completion and submission. A freelancer is not an employee of the company or placed on their payroll. Their gross income will be the aggregate of all receipts you get in the course of carrying out your profession. Their bank account statement is a document you can rely on to cull out this information, provided that they have received all their professional income through banking channels. The income tax form that freelancers need 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 declare 50% of their gross receipts as their income by filing ITR-4.
Most businesses in their initial years face losses from the business. The business loss or capital losses can be carried forward up to 8 years if the ITR is filed. This loss can also be adjusted against the future income that lowers taxable income in the future. If ITR is not filed, the taxpayer is deprived of this benefit.
The ITR filed with the Government defines the financial worth of the taxpayer. The track of ITR shows the financial capacity and also increases the capital base of a person. Hence, the track of income and financial worth is decided by the previously filed ITR. The investors and institutions look forward to returns filed to know the capacity of the business.
The numbers and the capital base defined by the income tax return is helpful for loan processing. Higher the financial worth, the easier the loan processing. The same applies to high-risk cover insurance. The ITR is a considerable document for making decisions in this regard.
Filing tax returns is not merely done to fulfill the moral and social obligation by every citizen of the nation. If you want to claim an income tax refund, filing of income tax return becomes mandatory.
At Our Startup India, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.
Our Startup India professionals will collect the information and required documents from the taxpayer manually.
Our Startup India professionals will compute the payable tax based on the information provided by the applicant or taxpayer.
Our Startup India professionals will fill the ITR3 form online and will share its acknowledgment.
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