SJY & Associates Chartered AccountantsSectors
CA for professionals and freelancers in Pune
Compliance points that commonly arise for doctors, consultants, designers, developers and other independent professionals.
Most professionals start by asking whether they can use the presumptive scheme. It is available to specified professions up to a receipts limit, and it removes the need for detailed books when the conditions are met. It suits some practices and not others, particularly where actual expenses are high.
Tax is also paid differently from a salary. Clients may deduct TDS, and that credit has to be matched to the receipts shown in the return. Tax remaining after TDS is generally paid as advance tax. Those under the presumptive scheme for professionals pay it in one instalment by 15 March.
GST registration generally applies once service turnover crosses ₹20 lakh in a year in Maharashtra. Services for clients abroad need a further look, including a letter of undertaking, foreign inward remittance records and the conditions for treating the service as an export.
Related services
- Income tax & TDS in Bhosari, Pune
- GST & indirect tax in Bhosari, Pune
- NRI & cross-border in Bhosari, Pune
Common questions
Do freelancers need GST registration?
Generally yes once service turnover crosses ₹20 lakh in a year in Maharashtra. Some situations need registration below this limit, so each case is checked.
Is advance tax payable if the client deducts TDS?
Yes, if the tax left after TDS is ₹10,000 or more for the year.
Also
Contact
SJY & Associates, Chartered Accountants
Shop No. 1, 1st Floor, above Lokmanya Multipurpose Co-operative Bank, Pune–Nashik Highway, opposite Mankikar Hospital, Bhosari, Pune 411039. Monday to Friday, 9:30 am to 6:30 pm.