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Freelancer Income Tax Return plan is designed to help businesses and professionals opting for presumptive taxation scheme or small taxpayers earning casual income like tuition income, interest income etc.

Taxwix experts shall help you assess your tax liability and file your income return with CA-Assistance. Further, there are tax saving options like eligible investments under SEC 80C , donations made etc. You are required to upload Form-16 and Form-26AS (mandatory) to get a CA assigned on your order. We request to upload these documents within hours of Freelancer Income Tax Return plan purchase to help us assign a CA and file your returns on time.

SERVICE INCLUDES

  • Tax Return preparation & Filing by Experts
  • Business Hours CA Support – Email and Phone
  • Excludes the Tax audit Fees

DOCUMENTS REQUIRED

  • Bank statement 
  • Form 26AS Tax Credit Statement
  • Aadhar card
  • Bank statement 
  • Details of House Property
  • Other Documents

Process

5 Simple & Easy steps to work with us.



1

Fill Form

Fill the Request a Call Back form from the Service Page you want to avail

2

Talk to Expert

After Filing the form you will get a Free Expert Consultation for your Idea

3

Plan Purchase

Purchase the Plan after the Consultation from the TaxWix Experts.

4

Upload Documents

Upload All Basic Documents to Work on the case.

5

Completion

After Processing Our Taxwix Will Complete your Registration Process.

FAQ

The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership having Businesses having annual turnover under Rs. 2 crore or Professionals & Freelancers having annual gross receipts under Rs. 50 lakh.
Businesses having annual turnover under Rs. 2 crore and declaring income above 8%(no audit) Professionals & Freelancers having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above(no audit) Any other person having casual income.
Businesses having annual turnover under Rs. 2 crore and declaring income above 8% of the turnover Professionals & Freelancers having annual gross receipts under Rs. 50 lakh and declaring income at 50% or above of the receipts or turn over then There is no requirement of the Audit.
Only Resident proprietors, Hindu Undivided Families(HUFs) and general partnership firms can opt for the scheme.
The Main benefits of presumptive Taxation Scheme include:
No requirement to maintain books of accounts
No requirement to get accounts audited
No need to assess advance tax, advance tax is paid by 15th March of the previous year. Note:Any amount paid by way of advance tax on or before 31st day of March is also treated as advance tax paid during the financial year ending on that day. Note: The scheme applies only to resident assessee who is an individual, HUF, partnership but not limited liability partnership
If you declare income less than 8% of turnover and your income exceeds Rs. 2,50,000 (Individual Tax Slab), then you are required to maintain the books of account as per the provisions of section 44AA and has to get accounts audited as per section 44AB. If your case falls under above category, you should opt for our Income Tax Filing (Business Lite) plan
There are certain businesses which are explicitly not allowed to claim the benefits under the scheme. They include:
Any business involved in the renting, hire or plying of goods carriages
Any business related to agencies
Individuals who receive commission or income related to brokerage
Any individual who is involved in any profession mentioned under section 44AA(1)
Insurance agents, since any income they receive is via commission
Generally Income accrued from Fixed Deposits and Savings Account , Lottery Earnings, Dividends etc come under this head.
Your employer deducts tax from your salary and pays it to the I-T Department on your behalf. It’s called TDS. TDS is tax deducted at source. Your employer cuts a portion of your salary every month and pays it to the Income Tax Department on your behalf. based on your total salary for the whole year and your investments in tax-saving products, your employer determines how much TDS has to be cut from your salary each month. For a salaried employee, TDS forms a major portion of an employee’s income tax payment. Your employer will provide you with a TDS certificate called Form 16 typically around June or July showing you how much tax was deducted each month.
Individuals need to file their return by 31st July of next year, i.e for income earned in Financial Year 2018-19, the return has to be filed by 31st July 2019
ITR return forms are attachment less forms and hence, you are not required to attach any document (like proof of investment, TDS certificates etc.) along with the ITR (whether filed manually or electronically). However, these documents should be retained and produced before the tax authorities when demanded in situations like assessment, inquiry etc.
Audit & preparation of financial statements is not part of the plan.
Revised return filing on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
Yes, return can be revised within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier. Filing of revised return is not part of the plan. Plan buyer is required to provide full and accurate details to avoid the need for any rectification in the originally filed return.
Income from House Property is possible in these cases –
Rental Income on a let out property
Annual Value of a property which is ‘deemed’ to be let out for income tax purposes ( when you own more than one house property)
Annual Value of the property which is self occupied, which is Nil
Under section 24 of the Income Tax Act you are allowed to make certain deduction from the Net Annual Value of your House Property. Net Annual Value is Gross Annual Value less Municipal Taxes Paid. In case the property is let out, its rent received is your Gross Annual Value, whereas in case of a deemed to be let out property, a reasonable rent of a similar place is your Gross Annual Value. For a self occupied house property the Gross Annual Value is Nil.
You can pay taxes Online . If comes to due you can pay taxes online. We will help you in that payment.
No, all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
Any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place.
No capital gains is applicable when an asset is inherited because there is no ‘sale’, only a transfer. However, if this asset is sold by the person who inherits it, capital gains tax will be applicable. The Income Tax Act has specifically exempted assets received as gifts by way of an inheritance or will.
1. A capital asset held for not more than 36 months or less is a short-term capital asset. An asset that is held for more than 36 months is a long-term capital asset.
For example, a house property held for more than 3 years is termed as a long-term capital asset, whereas equity funds are considered short-term when held for 12 months or less. Debt Funds are long-term assets when held for more than 36 months.
2. It is important to find out the specific holding period applicable to your asset because it impacts how the capital gains will be calculated.
3. Some assets are considered short-term capital assets when these are held for 12 months or less. This rule is applicable if the date of transfer is after 10th July 2014, irrespective of what the date of purchase is.The assets are:
Equity or preference shares in a company listed on a recognized stock exchange in India
Securities (like debentures, bonds, Govt securities etc) listed on a recognized stock exchange in India
Units of UTI, whether quoted or not
Units of equity oriented mutual fund, whether quoted or not
Zero coupon bonds, whether quoted or not.
When the above listed assets are held for a period of more than 12 months, they are considered long-term capital asset
Yes, a belated return can be filed before the end of the assessment year or before completion of the assessment year, whichever is earlier. For example, in case of income earned during FY 2016-17, the belated return can be filed up to 31st March 2018
Yes, under the Income-tax Act legal proceedings can be initiated up to 4 to 6 years (depending upon case to case) prior to the current financial year. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return for at least 6 years or maintain it as long as possible.
ITR return forms are attachment less forms and hence, you are not required to attach any document (like proof of investment, TDS certificates etc.) along with the ITR (whether filed manually or electronically). However, these documents should be retained and produced before the tax authorities when demanded in situations like assessment, inquiry etc.
When an asset is sold, the profit arising from such transaction is taxed as Capital Gain. Such gain can be long term or short term and the taxability differs accordingly. In General gain on sale of assets held for more than 36 months are called Long Term Capital Gain(LTCG taxed at 20%)and when assets is held for lesser period then Short Term Capital Gain( taxed according to normal tax slab rates) arises. In case of shares and securities the period is 12 months in place of 36 months.
Taxwix Has the team of Chartered Accountants Associated with us. They Share their Exemplary Knowledge for the Clients
Short Term and Long Term Capital Gains form part of Income under the Head Capital Gains while trading in intra-day markets, F&O, Commodity, etc. fall under Income from Business and Profession
Losses from shares in speculation business can be carried forward for 4 years, while all the other losses can be carried forward for 8 years provided the tax return is filed within the due date of the original tax return
Yes, you will need to provide login credentials so that the CA can upload the audit report.