Crowdfunding Income Taxation in India: What You Need to Know by Return Filings Via Flickr:
Crowdfunding is an amazing way to raise funds, but did you know it has tax implications you should be aware of? Here’s a quick breakdown to keep your finances in check:
Types of Crowdfunding Income: Donations, rewards, equity, or debt-based contributions — tax treatment depends on what kind of funds you receive.
Donation-Based Crowdfunding: Donations from non-relatives above ₹50,000 in a year might be taxable under “Income from Other Sources.”
Business Income: If crowdfunding supports your business or profession, it’s taxable as business income and must be reported.
GST Considerations: Providing goods or services in return may mean GST applies — check your turnover thresholds for compliance.
Keep Good Records: Track contributions, donor info, and how funds are used to stay safe from tax troubles.
Stay smart and compliant while raising funds! 💸📊
Explore the full guide with visuals here: Flickr Post And see it on Instagram too: Instagram Post