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Save MONEY on TAXES! | Tax Tips for Freelancers 2023 | Ankur Warikoo Hindi
ฝัง
- เผยแพร่เมื่อ 15 ส.ค. 2024
- If you are a freelancer and are confused and overwhelmed with regard to how to pay your taxes, this video is exactly for you!
We will walk through the depths of how you can calculate taxes on your income, when you need to get your books of accounts audited, TDS calculation, and also which ITR you must file.
This video comes with notes. Check them out here: bit.ly/3hrtjgb
Check out my former video on calculating taxes on your income here: bit.ly/3UzcYVa
Subscribe to my all new Shorts channel, warikoo Shorts, and learn personal finance and career tips in less than 60 seconds! t.co/pMdPNe4Quf
00:00 Introduction
00:50 Yearly Income
01:40 Accrual Method and Cash Based method
03:30 Costs and Expenses in freelancing
04:50 Net Profit
06:00 Section 44ADA for Freelancers
09:38 TDS (Tax Deducted at Source)
11:45 Advance tax
12:50 ITR 4 for Freelancers
13:00 Conclusion
#freelancing #incometax #warikoo
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This video comes with notes. Check them out here: bit.ly/3hrtjgb
Check out my former video on calculating taxes on your income here: bit.ly/3UzcYVa
Subscribe to my all new Shorts channel, warikoo Shorts, and learn personal finance and career tips in less than 60 seconds! t.co/pMdPNe4Quf
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My gear for shooting this video:
🎥 Sony a7III camera: bit.ly/3M42wAV
🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0
🎙 Shure SM7B Microphone: bit.ly/3O1NAVA
🔆 Fill Light 60W: bit.ly/37aJolP
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Are TH-cam and Sponsorship income comes under freelancing income?
Warikoo Sir please make a informative video about the taxes for earned income in Crypto Market...🙏🙏and how to file ITR after generate an income...🙏🙏
Sir , plz make a video on freelacing for students
Interesting question:
Would you consider hiring a freelancer for your team if he/she already has a full-time job in 2022?
Sir mein aapka bahut baada fan tu huo hi but I have a question ki mere pass 500 rupees hai aur mujhe invest karna hai ki 1/5/10 years baad mein mujhe profit agar koi aisa platform hai to please tell me Sir and I am a student. Thank you
Being a Freelancer and Accounting Student I can say how well this video is made.
When I was struggling I tried to find videos relating to Freelancing Taxation and Accounting
Just few weeks back
I found No video explaining things properly.
I repeat NO ONE EXPLAINED IT BETTER
Though I know most of these things now, it's very helpful ❤️
I m a full time employee with 4.1Lpa salary and I earned 1L through freelance so my total income becomes 5.1 LPA so how much tax do i need to pay? And how.
My freelance income comes to me after TDS of 10%.
Can u help?
Agreed 💯
@@mahabubsubhan8765bro same is with me. I am so confused. Please tell me what you have did
What a fantastic video from Ankur Sir. You don't need to watch another video on freelancing tax after you have watched this video.
8:23 In India, the classification of dropshipping income can depend on various factors, and it may not necessarily be considered freelancing income. Dropshipping involves selling products without holding any inventory, and the income generated is typically viewed as business income.
Freelancing income, on the other hand, is often associated with providing services on a project basis, where you are compensated for your skills or expertise. This could include freelance writing, graphic design, programming, and more.
It's important to note that tax regulations and classifications can evolve, so it's advisable to consult with a tax professional or accountant in India to get the most accurate and up-to-date information based on your specific situation.
What about tutoring business
correction : even if u file taxes u/s 44ADA, you still have to maintain accounts. This is because of section 44AA which says certain business / professions have to maintain accounts. You can check the details in IT act. What 44ADA says is that you do not need to get these books audited by CA. But tax officials can still ask for books if you are audited.
One more nuance : 44ADA says that if your actual expenses if below 50%, then you should pay tax on real profit (not just 50%). But I think Income Tax is pretty lenient about this and if you declare that your expenses are 50% or less - they will not probe you further. But as per IT law, you have to maintain books of accounts and pay taxes on the real profit
No
Can TH-cam payment also be considered under 44ada? please reply
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It will not fall under freelancing. drop shipment will fall under any normal business income. However this taxation rule also applies to business income under section 44AD. In business income,taxable income will be presumed at 8%of total revenue(non digital transaction) and 6%of total revenue(digital transaction). If business income is less than 2Cr then only you can avail this.
thanks and i wanted to know if the same things for free freelancing as ankur sir said also falls for youtuber
Hi, What about tutoring ?
My CA filled it as 44AD, BUT I am mainly a freelance tutor
@@shashwatbajpai9888 Yes he/she has done right. It will fall under profit and gains from business or profession head. And you do have an option to pay tax under presumptive taxation rules if it benefits you, otherwise normal rates will be applicable in your case. But income will be considered business head only
@@ChuckleCheese636 Same business income and presumptive taxation can be availed
@@akankshagupta9660 Thanks, my doubt was is it ok to show 50% profit and 50% expenses.
Very Useful Video for Freelancer
Fun fact - more than influencers, non-influencers are watching 👏👏
Freelancer*
Thank you so much for making this wonderful video. It's really valuable
Warikoo sir pls guide us for upcoming recession...how shud we start investing career
Can you make a video on how did you learn FINANCIAL SKILLS ? Did you learn it in ISB ?
He has MBA in Finance
Thanks Ankur, this video cleared freelancing tax doubts. :)
Loved your video! Thanks so much!
Wow , this is a modern-day service to people. very helpful
Feedback appreciated
For more info
Wʜᴀᴛsᴀᴘᴘ ᴍᴇ 👆🏻👆🏻
Thanks for the video.
Few questions, being a salaried person and a freelance software developer,
1. How to bill your client if he is a foreigner ?
2. How to bill your client if he lives in India.
3. A biller name must be a company name which I have to think of or I can write my name also ?
4. Do I need to add any percentage of sales tax in the bill of service to my client ? If yes then please let me know
A. What amount of tax will I charge if billing is within India and if billing is for a foreign client ?
B. Under which head do I charge sales tax ?
C. How to deposit that collected tax ?
Ankur, you can't believe .. today only I asked about this topic on your Instagram post 😅😂...and tannnnaa you made a video on this 😘
Hello sir I have two doubts, can you please clarify those for me......
1. Can I apply asset depreciation cost after deducting the 50% expense?
2. The quarterly settlement funds which come directly to my bank account from Kite/any stockbroker, will also be counted as my income?
Let's say I have received 50k as a quarterly settlement fund from my stockbroker, that 50K will be counted as my income or not?
Thank you so much for this. Before this I only knew about Income tax if you earn more than Rs. 5 lakh. This information really help me a lot. Thank you again. Love and Best wishes for you and your team. ❤❤💐💐
Sir please make complete video or roadmap on how to become freelance video editor
3:44 Fixed Assets are not allowed as expenses.
It's just like buying medicine from medical store without consulting with a doctor.
Better to consult with CA in Practice and avoid future litigation.
I am learning so much from watching your videos. Thank you so much for sharing this amazing source of information. This one is quite helpful.
Best video
Thank you so much! This is going to help a lot :)
Very Good content....Awesome...Simple and clear
Suppose i am having salary income and i am an active intra day trader , so for a year if gross income is less than 50 lakhs then i don't have to maintain a record book or my transactions need not to be audited by the auditor or it is different for this case. And also if tax will be based on presumption income as it is not like i am in some freelance profession ?
Bro at least makes an effort to make your channel legitimate, who will think you as warikoo 🤣🤣
sir i can't tell you how helpful this video is for me
nifty alpha 50 pe video please
Thanks a lot for the guidance Ankur. I watched a lot of videos. Your videos cleared everything. Thanks again.
Ankur , your data engineer is doing commendable job...
I am a CA Sir. Drop shipping will come under business income which will get covered U/s. 44AD of the Act wherein turnover limit is 2 crores and minimum profit shown should be 6% only.
Brilliant sir.. very clear.. more than a class lecture
Hi Ankur, did you record the video at 1.5x speed or really spoke at 1.5x.😁
Most awaited video, thanks for it.
Thank you for such valuable information ❤️❤️
thanks for for explainging this!! quite helpful :)
Useful information.... Thank you 🙏
What about affiliate marketers ..pls let me know
Few Pointers to highlight:
1. GST charged on Invoice from customers should be paid in subsequant month (GSTR-3B) irrespecitve of whether you are following accrual or cash based method;
2. Accrual or Cash Based Accounting method is prescribed under Income Tax Act, whereas GST chargeability is governed by GST Act;
If your freelance income exceeds 10 or 20 lakhs then have a CA consultant probably small firm for any tax consultancy!
Thank you so much for making such videos. One thing I want to ask is.. if we opt for new tax regime in one year, can we opt for the old tax regime the next year if that's beneficial in that particular FY ? I am asking this because I have been told that once you change to the new regime, you can't go back to the old regime again.
Great video! Very beginner friendly Please make one for freelancers getting payments from foriegn countries.
Great video, I was looking for this. Next up can you make a video on How to file Taxes online?
This content like pure gold
What happens if you only keep freelancing and don't maintain or pay taxes? (Assuming income below 10lac)
Do you get answer bro
Freelancer mtlb ?
Achha vahi log na jo 50$ ke kaam ko 5$ mei kr dete hai 🙂
What is this happening??? Freelancing mein bhi government gus rha hai....har chij pe pabandi hojaega toh kya hoga ...kya hee hoga...sab bakwas hai ..😅
Thank you for sharing such useful information. However, I still have one query. If an individual has capital gains from stocks, then can individual still file ITR4? Thanks in advance.
drop shipping will be in business 44AD ... freelancing is 44ADA
Sir moonlighting means like if an employee is already employed in one company on their payroll basis but if the same employee get employed in some other company on their payroll then it's called moonlighting
This was helpful. Thank you Sir😊
Can u make a video about genuine side hustle with the website link?
What if a freelancer doing business outside of India while living in India. Simply put, earning income from outside of India. What happens then?
Thank you so much for this wonderful video
very useful information sir ..thank you so much 🙂
please make a video for youtube income as well
I am earning via Google Adsense and making 20L+ per annum, its a blogging income coming from foreign and i am using 44ada to fill my taxes. As you said , i need GST above 20L so how can i charge GST to google ? And in other case, if i start charging GST to clients then why he will give me the work ? he will give work to someone whose income is less than 20K to avoid GST.
Bahot khoob thank u sir
Main bhi abhi koshish karonga tax pay karne ka
Hello video is very informative.I have one client based on Europe.He said he want invoice with all tax details.But my net worth in below 20 Lakh and usually pay TDS on my freelancing.Please guide me how I can create taxable invoice
Thank you so much, Sir.
Right video at right time with right content for me. 😊
I work as freelance consultant in supply chain planning domain. This video provides useful information to freelancer like me.
Dear Sir I am a freelancer (software developer and digital marketing expert) (practicing for the past 12 years) My all transactions are via bank transfer. I wish to fill tax under 44ADA (presumptive income scheme) ITR 4. I get more than 1.5 lakhs per year from Bank FD interest for which the banks deduct TDS @ 10%. I get Saving bank interest about Rs 10,000/-. If my declared gross receipts from clients are 40 lakhs / year at 50% my taxable professional income will be 17.5 lakhs. I do invest in PPF 1,50,000/ and LIC 40,000/- How do I calculate my tax under 44ADA? Thanks in advance
Notes are also amazing 😍
Drop Shipment not allowed ,it is not type of service
1 % TDS is charged and income is less than 30000 INR from the all companies, then what will happen??
very useful, thank you sir
Thanks for sharing such informative video. If someone's saleary is 50L/PA and freelance income is Rs.50L, will the excumptons under Sec.44ADA be applicable here i.e.Salary under 30% tax and free lance income is 50L-50% =25L at 30% tax?
If we file ITR in 44ADA then is GST No is still required ?
Any freelancing work for me ?
I am an Engineer with 9+ years of experience in Software industry as Technical Product Support Engineer. Passionate about solving the technical issues, learn the products, technology. Fixing things, software's, Computers, problems, are my likings.
Awesome video! But I have a question: what if the services are being provided to a foreign client? What are the GST and TDS rules in this case
same question
If you are being paid directly in foreign currency, GST technically doesn't apply to you as it is seen as export of services. Keep in mind that if you are being paid by a platform such as upwork, you will have to pay GST.
So as a photographer, how do I show myself as a freelancer, do I need to have a registered company or a current account?
This is needed
Ankur , what about GST law application on income more than 20 lakhs which is assumed on presumptive basis under sec 44 ada, because if you are saying that 40 lakhs is your revenue and 50 percent of it is expense under sec 44 ADA, then what about GST application on it, how gst will be applied , please tell about that too..
Thanks for the feedback.
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Hello Sir, My total tax liability in India is currently zero. I have a Foreign Tax Credit of ₹13,122. While I understand that the FTC can reduce my tax liability, I am uncertain if it can be claimed as a refund. Can you please confirm whether this amount can be refunded, or if it remains non-refundable?
Thank you for your tips!!
@warikoo SO, I should pay this or not
Big fan sir🙌 your all videos are very informative and contents are very helpful🙂
And how much tax % do we have to pay on that income ?
man this was really helpful
Hi ankur what is taxes slab from foreign clients.
Sir I'm just starting as a freelancer on fiverr . Out of the 4 options mentioned in the last part of account creation( tax mode) which should I opt for ? : Exempt, export, reverse, taxable
Kya ITR 4 bharne k baad bhi GST dena hoga
Sir we need more detailed videos on this topic plsss
What about GST IF turnover exceeds 20Lakh.
Please make same video for small business and startup
What if income is not more than 50 lakh and expenses are more than 50% ?
Hi Ankur , this is a gr8 vid.. amazingly helpful for freelancers . Ankur , just a query .. its a clutter on the website when I tried . Can Freelance adfilm producers opt for 44ADA ? and if yes do we have to continue this for next 5 yrs ? I am planning to opt for this when I file my returns in April 2024.
Do I need to pay advance tax by 31st march , I my TDS exceeds my tax to be paid .. It will be really helpful if you can clear these doubts. Thanks and continue the good work .
Can mutual funds investment deduction be claimed in ITR 4?
Indian GST System itna complicated hai ki, ab to chakar aane lag gaye hai.
Can we have more videos on taxation for freelancers thank you
So is freelancing a proprietorship so do we have to get some short of certificate or something and if freelancing comes in this professional category then 44ada is applicable and if we do freelancing like an agency so will 44ad be applicable ?
Hi sir, one quick question - What if freelancing is done as export of services outside india?
I have read it at many places you don’t have to pay tax for export of services is it true? Please throw some light
Please sir make a video on how teens can save money if they get
Money in online form ( Phone pay)
Ankur please make a video on STEP BY STEP GUIDE TO FILE ITR 4
Thanks for the feedback.
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When & under what condition is advance tax to be paid if a person opts for Section 44ADA? I believe it is 10,000 per quarter , does it mean cumulative 40,000 for full FY ? Pls clarify
Thanks for the feedback.
What’sapp the number above for more beneficial investments and mentorship
What does gst mean here do I have to get a gst no ?
Do we need to need to register as sole proprietor business to work remotely from India for a foreign company?
Please help me with thia query
The company that wants to hire me as contract employee is asking me to register
Sir , pls make a video on freelancing for students
In case of inter state transactions for providing services it becomes mandatory to have gst and that to regular gst, please any one share details
Very nice 👍
Thanks for the feedback.
What’sapp the number above for more beneficial investments and mentorship