Business plan freelance designer

Travel expenses Claiming business expenses Whether you are filing a tax return in the US, the UK or Canada, each business expense that you claim must be backed up with evidence in the form of a dated, itemized receipt.

Business plan freelance designer

business plan freelance designer

Glossary of Terms The Indian income tax law runs into hundreds of pages. There is no good reason for you to spend precious time finding your way through it. Books of accounts Books of accounts means a record of all income, expenses, assets and liabilities of your business.

These financial records are essential for understanding the performance of your business.

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These may be compulsorily required in some cases. Deductions Income from all the five heads is summed up and is called gross total income. From this gross total income, deductions can be claimed. These deductions reduce your total tax outgo since they lower your gross total income.

Investments such as PPF, NSC or certain expense like life insurance premium, interest on education loan, medical insurance are allowed as deduction from your gross total income. Every year a small portion of its cost is expensed and is allowed to be reduced from your income.

This expense which is charged every year is called depreciation. The tax department wants payers to deduct tax beforehand and deposit it instead of waiting for you the recipient to make the tax payment yourself. The recipient of income receives the net amount after deduction of tax at source.

The recipient adds the gross amount to his income. TDS ensures steady flow of taxes for the government. Advance Tax Advance tax means income tax should business plan freelance designer paid in advance instead of lump sum payment at year end.

These payments have to be made in installments as per due dates provided by the income tax department. It shows how much tax has been received by the government against your PAN. It includes TDS, tax directly deposited by you, refunds made to you etc.

You can understand how to view and download your Form 26AS Tax audit Tax audit is a review of your financial records by a Chartered Accountant. Your books must be audited if: You are a professional earning gross receipts exceeding Rs.

business plan freelance designer

A Business owner with an annual revenue of over Rs. You have opted for presumptive taxation, you declare your income below the prescribed percentage but your total income exceeds the basic exemption limit of Rs.

For this, you must get a digital signature. Frequently Asked Questions What is the due date for filing of return of income by an individual carrying out a business or a profession? An individual carrying on a business or profession must file his return of income on or before 31 July of an assessment year.

If he is subject to tax audit, he can file his return anytime on or before 30 September of the assessment year. When will a businessman or a professional be subject to tax audit? In the case of a businessman, if his total turnover from business exceeds Rs 1 crore, he is liable to an audit under the Income-tax Act under Section 44AB.

In case he is a professional, if his gross receipts exceed Rs 25 lakhs, he is liable for a tax audit. I run a small business with a turnover of about 30 lakhs on an average every year.

Do I have to maintain accounting records? If your turnover from business exceeds Rs 25 lakhs in any one of the immediately 3 preceding years, you must maintain books of accounts.

Not doing so can attract a penalty of Rs 25, I have opted for the presumptive scheme of tax. Should I still pay advance tax? If you have opted for the presumptive scheme of tax, you may not be liable to pay advance tax every quarter but you must ensure you are paying all your advance taxes on or before 15 March of the concerned financial year.

Further, any taxes paid before the 31 March will be considered as advance taxes only. Can a person opting for presumptive scheme of tax claim any further expenses from his gross income?

Once a person declares the prescribed percentage of his gross receipts or turnover as income, he cannot once again claim any other expenses as a deduction. Should a person offering income presumptively maintain books of accounts? Can I opt out of the presumptive scheme if I feel it does not work well for me?

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Know how to file tax returns for Professional, Freelance & Business Income taxes. Find about Section 44ADA, Presumptive taxation for professionals etc.

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