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Freelancers and Taxes

Freelancers and Taxes

Freelancer Basics

Freelancing income

As per the Income Tax Act, an income from any profession that involves work, which requires you to use a skill, which is an intellectual skill or is a manual skill, then such income will be taxable under the head ‘Profits and Gains of Business and Profession’.

Your income is the sum of all your receipts from carrying on this work for your clients. Your clients may be based in India or outside of India and they make the payments towards the work you do for them. You can use your bank account statements to add up all the receipts that have been credited to your account by clients as payment towards work done.

Expenses allowed as a deduction

Freelancers can deduct expenses they incurred to do the job from their income. This could be anything from office furniture to cab fares to visit clients. These expenses must be directly related to the job you are doing.

What are the conditions to meet regarding your expenses?

  • The expense is for the freelancing work being carried on
  • It has been spent fully and exclusively for the purpose of your work
  • It is incurred during the tax year
  • It is not a capital expenditure or a personal expenditure of the freelancer
  • It is not incurred for any purpose which is an offence or is prohibited by law

Freelancers and Taxes

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