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Tax payable for a freelancer

Tax payable for a freelancer

If you are less than 60 years of age and your Net Taxable Income is more than Rs. 2,50,000, you are liable to pay tax on your income. Here is how tax will be calculated on your income:

Tax payable for a freelancer

If the total tax liability during a financial year exceeds Rs.10,000, the taxpayer is required to pay taxes every quarter. This is called advance tax.

How to calculate advance tax?

  • Add up all your receipts and determine your total income.
  • Subtract expenses directly related to your work.
  • Add income from other sources, say a house property or savings account.
  • Find out the tax slab you belong to and calculate your tax due.
    (Remember to deduct TDS)
  • If the tax due exceeds Rs.10,000, you are required to pay advance tax by the following due dates.

Due date for Advance Tax

On or before 15th SeptemberUp to 30% advance tax payable
On or before 15th DecemberUp to 60% advance tax payable
On or before 15th MarchUp to 100% advance tax payable

Which ITR to file?

Freelancers must file income tax returns on ITR-4.

Tax payable for a freelancer

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