freelancers - Latest News & Reviews https://www.thetechoutlook.com/tag/freelancers/ Daily Tech News, Interviews, Reviews and Updates Tue, 05 Jul 2022 09:20:20 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://www.thetechoutlook.com/wp-content/uploads/2019/09/cropped-favicon-1-150x150.png freelancers - Latest News & Reviews https://www.thetechoutlook.com/tag/freelancers/ 32 32 Huge relief for freelancers on taxation, Zero tax on 50% Income! https://www.thetechoutlook.com/current-affairs/nation/huge-relief-for-freelancers-on-taxation-zero-tax-on-50-income/ Tue, 05 Jul 2022 09:20:20 +0000 https://www.thetechoutlook.com/?p=60341 The income tax provision is equally applicable to all the people in the country. The eligibility is decided as per the income tax bracket of government of India. Now, freelancers also have an income tax provision for them. As per the government rule, freelancers who have income less than 50 lakhs, only 50% of their […]

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]]> The income tax provision is equally applicable to all the people in the country. The eligibility is decided as per the income tax bracket of government of India. Now, freelancers also have an income tax provision for them. As per the government rule, freelancers who have income less than 50 lakhs, only 50% of their income will be taxed in a year. For instance, if the income of a freelancer in one year is 10 lakhs, then only 5 lakhs of his income will be taxed.

Under section 44ADA, the freelancers or professionals whose income is less than 50 lakhs qualifies for this income tax provision. Under this scheme, the taxpayer will need to offer their salary receipts for availing this benefit. The taxpayer should follow the provisions of section 44ADA and should report their gross receipts and income.

However, the taxpayer should calculate their savings and expenses properly. By this, one can keep a record of their savings on the income tax provision. This could benefit million of taxpayers with those earning, taxed at the prevailing rates.

 

 

 

The post Huge relief for freelancers on taxation, Zero tax on 50% Income! appeared first on The Tech Outlook.

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