Income Tax Filing for Freelancers

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Income Tax Filing for Freelancers

Freelancing income appears in the picture when you are selected to work on specific assignments for a particular time and get paid for the work upon conclusion and submission. A freelancer is not an employee or is not on their payroll. Their gross income will be the total of all receipts received for conducting your profession. Their bank account statement is a report that you can rely on to extract this data, provided they have received all their business income through banking channels.

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Step 1

Documentation

Documentation will be done and cleared within a specific time frame. Fufafin is a time-saving and precise program.

Step 2

Delivery

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Step 3

How to file tax for freelance work?

Freelancers and consultants have income from multiple sources and usually have more than one client. Sometimes it can be difficult when filing income tax. Use Income Tax Filing on fufafin for the services of freelancers.

Benefits of Income Tax Return for Freelancers

  • Allows the loss to be carried forward: The majority of firms lose money in their early years. When filing an ITR, a business or capital loss can be carried forward for up to eight years. This loss can also be applied to future earnings, lowering future taxable payments. The taxpayer loses this advantage if an ITR is not submitted.
  • Define Financial Value: The ITR filed with the Government represents the financial value of the taxpayer. The track of ITR reflects the financial capability and enhances the capital base of an individual. Therefore, the mode of income and economic value is decided by the ITR already filed. Investors and institutions await the filing of returns to know the business’s potential.
  • Loan Processing and High-Risk Cover: The numbers and capital base defined by the income tax return are helpful for loan processing. The higher the financial value, the easier the loan processing. The same applies to high-risk cover insurance. ITR is an essential document for decision-making in this regard.
  • Income Tax Refund: The filing of tax returns is not done only to fulfill the moral and social obligations of every citizen of the country. If you want to proclaim an income tax refund, filing an income tax return becomes mandatory.

Documents Required

  • Aadhar Card
  • PAN
  • Home Loan statement from NBFC/Bank
  • Interest certificates from Post Offices & Banks
  • Form-16
  • Form 26AS
  • Capital Gains
  • TDS certificates
  • Tax-Savings Investment Proofs

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