Monthly Archives - April 2019

Tax aspects every Freelancer in India should know

Tax aspects every Freelancer in India should know

Freelancing is the talk of the town; it’s the way new generation works. So, every freelancer needs to be aware of the tax implication on freelancing. This article aims to address issues such as Whether a freelancer require GST registration? Is he/she supposed to file GST returns? How should a freelancer file ITR optimally? So, we are looking into the tax implications on freelancing under two separate heads i.e. the Income tax Act & Goods & Service taxes Act. A. Under Goods & Service [...]

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Changes in Income tax & GST effective from 01st April 2019

Changes in Income tax & GST applicable from 01st April 2019

The new financial year has just begun, and there has been a lot of changes in Income tax & GST. So in this article, we aim to discuss few changes, relevant to most of the taxpayers. We are covering the changes made in Income tax Act and GST. A. Changes in Income tax Act 1.Rebate u/s 87 A The tax rebate available under Section 87A has been increased from Rs. 2,500 to Rs. 12,500. However, it would only be available to a resident individual [...]

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TDS on Rent Payable by Individual

Introduction: In most of the cases, an Individual is not required to deduct TDS on payments. We will discuss the cases where an Individual is required to deduct TDS while making payments. Individuals making payment of rent would be required to deduct TDS on rent at the applicable rates depending upon the situation as explained below: I. TDS on rent paid by individuals who were liable for tax audit A person making payment of rent to any resident would have to deduct [...]

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