Pakistan's economy faces a grim future with inflation expected to stay high. Soaring oil prices and regional conflict are straining the nation's finances. Analysts predict economic growth will slow significantly. The country's stock market is already among the world's worst performers
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‘I never thought this could happen to me, I’m young, just in my 30s. It’s a line we hear quite often," says Dr Chetan Anchan, Surgical Oncologist, Director, SSO Cancer Hospital. Over the last few years, there has been a noticeable rise in cancers being diagnosed in younger individuals—cases
Diksha Dagar in contention in Mauritius as Hitaashee, Tvesa also make cutDiksha Dagar in contention in Mauritius as Hitaashee, Tvesa also make cut Published on: May 03, 2026 2:43 PM IST PTI Share via Copy link Port Louis , Indian golfer Diksha Dagar played a solid bogey-free 3-under 69 to move into
There was a time when his face felt familiar in living rooms across India, the kind of actor you didn’t always notice immediately, but somehow remembered long after the film ended. Today, the story of Raj Kiran lingers in a very different way… not through his performances
Tamil Nadu Election 2026: Like in his films, where he often stays two steps ahead of the villain, Vijay appears to be bringing the same instinct into politics. Though new to the political arena, the “Thalapathy" seems keen to stay ahead of the game.Tamil Nadu Election 2026: Like in his films
The 2026 World Cup has been a story of high ticket prices, expensive accommodation and train fares way above normal rates. It has been clear for a while that, on cost alone, this tournament is set to be like no other. What if you decided, today
Student bodies representing Manipur seek 'lasting political solution' from CentreStudent bodies representing Manipur seek 'lasting political solution' from Centre Published on: May 03, 2026 2:42 PM IST PTI Share via Copy link New Delhi, Several student organisations representing indigenous hill
New Delhi: Freelancing is rapidly gaining popularity in India as more people seek flexible work options, better work-life balance and the freedom to choose their projects. However, many beginners are unaware that it also comes with tax responsibilities. Freelancers must take charge of filing and paying their own taxes unlike salaried employees. Missing out on this can lead to unwanted penalties or legal trouble from the Income Tax Department.
ITR Filing 2025: Freelancers, Read Carefully! Ignoring THESE Tax Rules Could Cost You Big
For freelancers, understanding TDS (Tax Deducted at Source) is crucial. When clients make payments, they often deduct 10 per cent as tax and deposit it with the government using your PAN.
New Delhi: Freelancing is rapidly gaining popularity in India as more people seek flexible work options, better work-life balance and the freedom to choose their projects. However, many beginners are unaware that it also comes with tax responsibilities. Freelancers must take charge of filing and paying their own taxes unlike salaried employees. Missing out on this can lead to unwanted penalties or legal trouble from the Income Tax Department.
For freelancers, understanding TDS (Tax Deducted at Source) is crucial. When clients make payments, they often deduct 10 per cent as tax and deposit it with the government using your PAN. This isn't money lost, you can claim it back while filing your Income Tax Return (ITR). Just remember to collect Form 16A from your clients and match it with your Form 26AS to make sure everything adds up correctly. Staying on top of this helps you avoid tax surprises later.
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Yes, freelancers do need to register for GST, if their total annual income crosses Rs 20 lakh (or Rs 10 lakh in some special category states). Once registered, you'll need to charge 18 per cent GST on invoices raised for Indian clients. However, if you're working with foreign clients, your services are considered exports and are usually exempt from GST. Still, even in such cases, GST registration may be required. So, it's important to keep an eye on your earnings and understand the rules to stay compliant.
- Choose the Right ITR Form: Most freelancers file their taxes using ITR-3 or ITR-4, depending on their income type and structure.
- Opt for Presumptive Taxation (Section 44ADA): If your annual income is under ₹50 lakh, you can choose presumptive taxation. This allows you to declare 50% of your income as taxable without maintaining detailed books of accounts.
- Claim Work-Related Expenses: Keep bills and receipts for expenses like internet, laptop, software, office rent, or co-working space. These can help reduce your taxable income.
- Maintain Basic Records: Even if you're under presumptive taxation, it's good practice to keep invoices, payment proofs, and expense records for your reference and safety.
Not following tax or GST rules can land you in trouble. If you miss the deadline for filing your ITR or forget to pay advance tax, you might receive a notice from the Income Tax Department. Similarly, if you're required to register for GST but don't, you could face heavy penalties. Staying compliant not only saves you money but also helps you avoid unnecessary stress and legal issues.
Source: ZeeNews
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