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Are You A Freelancer? Here's How To Do Your Taxes

By SiliconIndia   |   Monday, July 21, 2014   |    2 Comments
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BANGALORE: It’s good to be a freelancer, an artist getting paid off for his work, but this self-employment business need certain self-awareness too; awareness regarding the income, one is generating. The freelancers have to take into account the self-employment taxes, the records for his business including freelance income and the freelance expenses.

It has been seen that many freelancers encounter a money flow issue when their bills come in before the payments for their work. 

Ever since the freelancers focus on the quality of their work and not on the quantity of income they are making, thus it is foremost important for the freelancers to organize their papers, and the best way to manage for your taxes is to keep copies of last year’s taxes.  

In a country like India, according to the India Income tax slabs for AY 2015-16 for both men and women below 60 years, earning more than Rs. 2, 50,000 in the current financial year is liable to pay a tax of at least 10 percent of the generated revenue.

 The freelancer above the age of 60 years will have to pay a tax of at least 10 percent over the income of Rs.3, 00,000 and tax of 20 percent for those earning above Rs.5, 00,000 and above the age of 80 years.

Read More: Salary Doesn't Decide Car Usage

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Reader's comments(2)
1: Useless article. Tell the ITR form No. (I, II, V etc.) to be filled and each city you come under a particular IT circle - which one?
Posted by:Dhanush - 22 Jul, 2014
2: i am a freelancer too ,, thanks for informing !
Posted by:Anu - 21 Jul, 2014
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