– Mandatory ITR if Gross Income exceeds INR 2.5 Lakh
– Advance Tax liability if Tax is above INR 10000.
– Every professional service rendered by you is subject to 10% TDS. Like every salaried individual, freelancers can also claim a refund on TDS.
– Income Tax Audit if Income exceeds specified amount.
** GST will become applicable on you, if your Gross Receipts during the FY exceeds 20 Lacs. In case of Special Category States, the above limit shall become Rs. 10 Lacs.
** Following persons are qualify as a freelancer for taxation purposes. Professional Services (E.g. CA & Advocate), Blogger, Vlogger, Digital Marketer, Social Media Manager, Consultant, Web Developer, Designer, Photographer, etc.
