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Tax on Freelancers in India: Everything You Need to Know

The Income Tax Act, 1961 states that — Any money made by demonstrating your mental or physical ability (Simply Skill) is money generated from a business.

Earnings from freelance employment are classified as “earnings and profits from business or profession.” That’s because such earnings fall under or are considered as self-employment profits. There are certain requirements for taxation that addresses to the earnings of a freelancer -

Either ITR-3 or ITR-4 can be used to file a tax return by a freelancer (ITR). Individuals with freelance earnings, like those with corporate profit, have the alternative of deducting expenditure to conduct out the freelance employment.

When documenting an ITR, freelancers are not authorised to obtain the regular deduction of rupees 50,000. To reach the acceptable tax, the freelancer liable to pay tax must estimate his earnings in a fiscal year from various origins and subtract expenditure and applicable tax credits.

Many businesses, employers or say clients withhold TDS from freelancer payments, hence this must be kept in mind when calculating your tax burden. When the net taxable proportion exceeds or crosses Rupees 10,000 mark, freelancers must pay advance tax quarterly by the specified deadline. If the total tax you estimate exceeds Rupees 10,000, you are subject to pay dividend under the income tax Act of India.

Presumptive Tax Calculation: If a freelancer’s total revenues are less than Rs. 50 lakhs, their earnings can be assessed on a presumptive basis u/s 44ADA.

Taxable Income = 50% of Gross Receipts

If a freelancer’s gross receipts exceed Rs. 50 lacs per year or he believes his Total Profit is less than 1⁄2 of his Gross Revenue, he can keep texts of accounts.

Taxable Income = Gross Receipts — Expenses incurred for Business or items used in carrying out freelance work

When preparing an ITR, freelancers can claim the withheld TDS (Income Tax Return). Form 26AS can provide you with information about TDS that has to be cut off. Form 26AS, which represents the actual percentage of TDS deducted for the year, is accessible on the Income Tax Portal.

The majority of Freelance activities are subject to an 18% GST.

All kinds of GST like CGST, SGST, and IGST, are pertinent on freelance earning, after the introduction of GST which superseded the VAT system. Even if the transactions are made exclusively online, no GST relief is possible. All content available is subject to GST. Every freelancer earning more than 20 lakhs per annum is required to have a GST number. In North and North Eastern states, the threshold is Rs. 10 lakhs.

Online chartered has made it easy for freelancers to file income tax returns as well as file TDS returns.

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What Is Income Tax Return (ITR) In Gujarat?

Introduction

A lot of buzz gets explode during a particular month of a year forcing you to file your income tax return and so on. Infect now a days even government also telecasts advertisement that every citizen should file income tax return. So in this blog we will focus on what is income tax return, how you can file income tax return, what type of ITR is applicable to you, what the last of filing income tax return is and why you should file ITR.

What is income tax return?

An income tax return is basically the declaration of your income. This is the statement where you are supposed to report how much have you earned during a particular financial year, what are your expenses and what are the investments you had made. The form of ITR consist of various details such as bifurcation of income in different heads, deductions to be claimed under various schemes/categories, tax already deducted as TDS, tax payable or refund to be claimed, any life insurance policies or mediclaime taken and so on. The details mentioned here are very basic details which is applicable to almost everyone. Apart from this, the details of ITR depends upon the form of ITR applicable to you and your business.

There are various types of Income tax returns. So first you have to identify that what kind of ITR is applicable to you and your business. Here’s a list of types of income tax returns.

ITR-1 OR SAHAJ- This Return Form is applicable to a resident individual whose total income includes: -Income from Salary/ Pension; or - The income from one house property (excluding cases where loss from previous years is carried forward); or -Income from other sources (excluding Lottery winnings and Race Horse earnings); -Agricultural income up to Rs.5000.

ITR-2- This form is applicable to individuals and Hindu Undivided Families (HUFs) who fall under the below-mentioned categories: Income of the individual must be more than Rs.50 lakh. Pensions and salaries can be used to generate income. Income that is generated from house property. If you win the lottery or win a horse race, you will receive a lot of income. When the individual is the Director of a company. The agricultural income for the individual is over Rs.5, 000. Income has been generated from capital gains. There were any investments in equity shares that were not listed during the year. Foreign assets and foreign income generate income.

ITR-3- An individual or Hindu Undivided Family who has income from a proprietary business or is engaged in a profession is required to complete this form. ITR 3 may be filed by individuals who generate income from a profession or business. During the reporting period, any investments in equity shares that were unlisted were taken into account.  Suppose the person is a partner in a firm. When the individual is a Director of an organization. When income comes from a pension or salary, a property, or any other source. The business generates a turnover greater than Rs.2 crore.

ITR-4 OR SUGAM- The form is required for individuals, HUFs and Partnerships (except LLPs) having an income from a business or profession who are residents. According to Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act, this is applicable to those who have elected the presumptive income scheme. The taxpayer will, however, be required to file ITR-3 if the business has an annual turnover exceeding Rs 2 crore.

ITR-5- This form is applicable to Investment funds, Business trusts, Estates of insolvents, Estates of deceased persons, Artificial Juridical Persons (AJPs), Bodies of Individuals (BOI), and Associations of Persons (AOPs), Limited Liability Partnerships (LLPs), and firms.

ITR-6- This form is applicable to any companies that are not claiming exemptions under Section 11. If a company files an electronic return under this section, then it must do so electronically.

ITR-7- It may be used by individuals or companies who have furnished returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E), or Section 139(4F). 

Upon identifying which Income tax return form is applicable to you, you can move forward to collect required data or information in order to file the income tax return.

The last date of filing income tax return is 31st July 2022 for individual taxpayers and HUF tax payers. For Company/LLP/Partnership firms/Individual audited cases, the due date of filing income tax return is 30th of Sept-2022.

Now, everyone should know why it is important to file your income tax returns.

We have shortlisted few reasons why you should file your ITR.

1)   To avail loan or finance from financial institutions/banks

2)   To get visa for studying abroad or for travel visa also in some countries

3)   To claim refund of tax already deducted

4)   To carry forward the losses of your business

5)   To avail credit card facility from banks

6)   To establish your incomes’ proof

7)   To get policies with higher cover

8)   To make huge investments

9)   To avoid penalties and interest to be imposed on those who do not file income tax returns.

 To read the above benefits in details please move to our blog section https://onlinechartered.com/10-reasons-why-you-should-file-income-tax-return/.

 Conclusion

Now a days the government is insisting every citizen to file their income tax returns by themselves by simplifying the forms of income tax returns. But in our view, one should always consult a professional to file their income tax returns.

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How Long Does It Take To Receive A Trademark Objection Response?

Introduction

The Brand is the heart and soul for any business. And Brand awareness is the most crucial task for any business. Brand awareness and brand popularity brings along the responsibility to protect the brand you have established and here comes the role of intellectual property rights i.e trademarks, copy rights etc. To protect your brand from duplication and misuse first and for most thing is to establish yourself as the owner of the brand. How can you protect and claim your brand without having any sufficient evidence of you being the owner of the brand??? The solution of this is TRADEMARK. On registering your brand with intellectual property rights authority i.e trademarks registry you become the absolute owner of that brand.

Now, once you decide your brand and want to register it with trademark registry, the next question arises is How to register trademark? Or what is the process of registering trademark? You can visit our site https://onlinechartered.com/trademark-registration/ to view the detailed process of trademark registration. Here in this blog we will focus on the Trademark objection, trademark objection reply and trademark objection process.

What is trademark objection?

After filing of trademark application, the registrar of trademark will verify the whole application and either accept the application or raise an objection by issuing examination report. If the trademark application is complete in all respects, then registrar will accept the trademark and send it for publication in trademark journal. As opposed to this, if the registrar of trademarks feels that there are some discrepancy in the application or if any similar trademarks exists then he can raise the objection and ask for clarification from applicant. Trademark objection is the stage where if the registrar of trademark have some doubts and wants the clarification from the applicant he can raise the query. The examination report contains the query on which the registrar of trademark wants clarification. The applicant is required to submit the reply to the examination report within the prescribed time period.  

Now let us see what are the reasons on the basis of which registrar can raise an examination report?

If there is any mistake or incorrect information provided in the application

If the classification of goods or services does not match with the class under which trademark has been applied

If the trademark is descriptive or non-distinctive in nature

If similar trademarks already exists.

If the trademark is too general and lack the uniqueness

If the application of trademark has violated any provision of trademarks’ act

Or if any other matter on which the registrar thinks it necessary to ask for clarification

What to do on receiving trademark objection or examination report?

On receiving examination report or trademark objection, study the whole examination report and list out the objections on which clarification is asked for.

Make sure that you file the reply to examination report within 30 days from receiving it. You must provide reply to each and every objection raised and also attach any evidences in support of your clarification. To file the reply to the examination report you must have thorough knowledge of provisions of trademarks’ act. Therefore, it is always advisable to consult your trademark agent and let them prepare the reply to examination report for you.

What happens after filing of Reply to Examination Report?

The registrar of trademark will verify the reply filed by you and check whether all the questions raised have been properly answered. If the registrar of trademark is satisfied with the reply given then he will send the trademark for publication in trademark journal. As opposed to this, if the registrar of trademark is not satisfied with reply given and still need more clarification on the subject matter then he may assign personal hearing at the office of registrar of trademark. The trademark hearing takes place at your jurisdictional trademark office. For example, If have filed your trademark application in the state of Gujarat, then your personal hearing takes place at the Trademark registry office located in Ahmedabad.

Conclusion

The process of trademark objection and reply to trademark objection is quite simple and complete online process. All you have to keep in mind is the time limit within which the reply to examination report is to be submitted and also you must be clear with the provisions of trademarks act if the objection report contains technical matters.  

To know more about trademark objection you may visit our website https://onlinechartered.com/trademark-objection/.

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What Is the Process to Company Registration in Gujarat?

Company Registration in Gujarat

There are many formats under which one can run their business. Running a business under the company format requires quite a little expertise. You must know the steps of incorporating a company and the compliances to be carried out after registering a company. The format of the company is the most legalized way of doing business. It is the most transparent and law-abiding way of carrying out a business transaction. Here in this article, we will discuss the process of Company Registration in Gujarat. Registration of a company is a much simpler process that requires a few basic documents as discussed below.

Steps of private limited company registration in Gujarat

1)    Application for Name approval:

Deciding the name of your company is the first and most crucial part of your business since you will be recognized by your companies’ name. The name must be unique, not similar to any other company and it must not be similar to the trademark. The name should represent your business or the product you are dealing with. Thus, first, you should check the availability of your companies’ name. You must check the database of trademarks also so that you can be sure that no trademark exists with the name of your company. The name applied must be in accordance with name availability rules prescribed under the companies’ act 2013.

2)    Application for DIN number:

After getting the name approval, you should decide on four things for your proposed company viz, the main object of the company, the directors in the proposed company, the share capital of the proposed company and the registered office of the proposed company.

Those who are going to be directors in the company must have DIN (Director Identification number). DIN is the unique identity number through which every director can be identified. No one is appointed without having DIN. There is no specific form for the application of DIN. You must fill in the information of the person who is going to be appointed as a director in the company incorporation forms itself. DIN forms are available only for those persons who are willing to be appointed to the existing company as a director.

3)    Collecting documents:

For incorporation of the company, you need a few basic documents related to the proposed directors of the company and documents pertaining to the registered office of the company. These documents include the identity and address proofs of directors, the passport-sized photograph of directors, digital signatures of directors and proof pertaining to the registered office of the proposed company. The identity and address proofs of directors can include the driving license, voters’ identity card, passport, Adhar card, PAN card and bank statements. You can attach any of these documents. Moreover, you need a separate email id and mobile number of each person going to be appointed as a director in the company. The registration company requires very basic documents which can be easily available to everyone. Before filing the forms for incorporation of the company, you must have all the above-mentioned documents with you so that the process of company incorporation can run smoothly.

4)    Filing of incorporation forms:

For filing incorporation forms, one must have a user account on MCA's official website. By logging into your account, you can proceed with the filing of incorporation forms. These forms are called “spice+” forms. This form requires you to enter the basic details pertaining to your company and its directors. You need to enter the details like the main object of the company, the share capital of the company, the address of registered offices of the company and the proposed directors of the company. After filing the entire form attach the requisite documents as asked in the form itself. On successful attachment of the documents, you can proceed with the submit button. The next step is to attach the digital signature of the proposed directors of the company to each incorporation form. Download the forms after submitting the same and attach the digital signature. Finally, upload all the forms in a particular sequence on the MCA portal and pay the requite form fees and stamp duty. Do not forget to save the receipt of payment on successfully making the payment. The SRN (Service request number) mentioned on the receipt can be useful in tracking the status of forms filed.

Conclusion

The process of company registration in Gujarat requires an understanding of the compliances that needs to be carried out after incorporating the company. It is always better to ask a consultant to carry out this for you. In the absence of proper knowledge, one can be penalized under the companies act for compliances or wrong compliances.      

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4 Important Characteristics Of A Private Limited Company | Online Chartered

The private limited company is distinct reality incorporated under companies’ act2013/1956. It's one of the most accessible ways of doing business in a legal format.

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GSTR-3B is one of the most important returns to be filed by GST registered taxpayers. This return is a declaration about the aggregate outward supplies and total Input tax credit received and availed.

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How New Applicant can Apply for GST Registration

Now a day it has become much tough for genuine taxpayers to avail GST registration number even after giving all the complete details.

Apart from the turnover criteria, there are some other instances also on occurrence of which you must apply for new GST registration.

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Procure Digital Signature Certificate in Gujarat (DSC). With this encrypted tool get the facility to sign any document electronically. Get the information about its use and required documentation to apply for DSC. Avail of our services today!

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RERA stands for the Real Estate Regulatory Authority. This was formed to bring out transparency in the real estate sector. Register your real estate project with RERA project registration in Gujarat.

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5 Mandatory Compliances For Private Limited Company

Introduction Incorporation of the private limited company brings along some of the important and mandatory compliances that need to be carried out at a particular interval of time. These compliance…

The above-mentioned compliances are those compliances that every company is required to follow. Certain compliances need to be done only on the occurrence of a certain event or certain transactions.  

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5 mandatory compliances for private limited company

The above-mentioned compliances are those compliances that every company is required to follow.

Incorporation of the private limited company brings along some of the important and mandatory compliances that need to be carried out at a particular interval of time. 

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POST INCORPORATION COMPLIANCES BY PVT LTD COMPANY

Incorporation of private limited company brings along few mandatory compliances to be carried out after its incorporation. These compliances need to be carried out within specified time period after incorporation.

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POST INCORPORATION COMPLIANCES BY PVT LTD COMPANY

Incorporation of private limited company brings along few mandatory compliances to be carried out after its incorporation. These compliances need to be carried out within specified time period after incorporation.

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POST INCORPORATION COMPLIANCES BY PVT LTD COMPANY

Incorporation of private limited company brings along few mandatory compliances to be carried out after its incorporation. These compliances need to be carried out within specified time period after incorporation.

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Online Chartered Experts will guide you appropriately with the online process of Society Registration in Gujarat to form a Society for the development of any literary, scientific, or charitable purpose. Call us today!

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Get the services from our experts to form a charitable trust, society, or section 08 company under companies act with the online process of Trust Registration In Gujarat. Any query? Feel free to ask us. Contact Today!

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INTRODUCTION: While incorporating a company, a businessman is always fumbled with a question that what are the dif f erent ways in which c...

While incorporating a company, a businessman is always fumbled with a question that what are the different ways in which company a can raise the fund. Generally, a company is formed with a purpose of expansion and expansion usually needs one basic step of raising fund.