FAQS
Frequently Asked Questions
Frequently Asked Questions
Freelancers in India must report income under “Profits & Gains from Business or Profession.” They can choose normal taxation (ITR-3) or presumptive taxation (ITR-4 under Section 44ADA). Filing is done online through the Income Tax e-Filing portal using PAN and Aadhaar.
Section 44ADA allows freelancers and professionals earning up to ₹75 lakh to declare 50% of income as profit and pay tax accordingly. You can file online using ITR-4 Sugam form without maintaining detailed books.
Key documents include Aadhaar number, PAN card, business details, bank account details, and GST number (if applicable).
Freelancers can deduct expenses like internet bills, laptop purchase, rent, software subscriptions, and travel costs, provided they are related to work.
NRIs and Indian freelancers earning from abroad must convert foreign income into INR using RBI rates and report under ITR-2 or ITR-3, depending on nature of income. Double Taxation Avoidance Agreements (DTAA) can help avoid double tax.
The current due date for individuals (non-audit cases) has been extended to September 15, 2025. Businesses requiring audit generally have until October 31, 2025.
Yes, revised ITRs can be filed until December 31 of the assessment year. Belated ITRs can also be filed with penalties under Section 234F.
You can e-verify through Aadhaar OTP, Net Banking, or by sending a signed ITR-V to CPC Bengaluru. E-verification must be done within 30 days of filing.
Udyam registration is a government recognition for Micro, Small, and Medium Enterprises in India. Any business with turnover under ₹250 crore and investment below ₹50 crore is eligible.
You can apply on the Udyam Registration portal using Aadhaar, PAN, and GST details. The process is paperless and generates a permanent registration number.
Benefits include priority in government tenders, low-interest loans, subsidy eligibility, faster approvals, and easier access to credit.
Yes, Aadhaar of the business owner and PAN of the entity are mandatory for Udyam registration.
Udyog Aadhaar (old system) has been replaced by Udyam Registration from July 2020. Existing Udyog Aadhaar holders must migrate to Udyam for benefits.
Yes, startups can register as Private Limited Company or LLP. Both require ROC compliance, GST returns, and yearly filings. Professional assistance ensures error-free compliance.
You must respond online via the Income Tax e-Filing portal within the given deadline. Notices may be for mismatch in TDS, non-filing, or high-value transactions. Professional help can ensure accurate replies.
SMEs can outsource accounting to professionals for bookkeeping, GST filing, TDS returns, payroll, and compliance, reducing costs and avoiding penalties.
Yes, NRIs must file ITR in India if they earn rent, capital gains, salary, or dividends here. DTAA helps them avoid double taxation.
Mandatory filings include Annual ROC returns, GST returns, TDS returns, income tax return, statutory audits, and board meeting resolutions.
LLPs and companies can be registered through the MCA (Ministry of Corporate Affairs) portal using DSC (Digital Signature Certificate), DIN (Director Identification Number), PAN, and incorporation forms.