It is compulsory for every person who comes under the tax law and is eligible for paying taxes. Freelancers and
consultants are the personas who have various income sources and clients. It gets a little tricky sometimes while filing
income tax.
Legal24by7 helps consultants and freelancers in filing income tax.
Freelancing income refers to an income that the freelancer receives for a particular client after the submission of
assignments in a particular time frame. A freelancer is neither the company’s full-time employee nor listed in the
payroll system of an organization. The gross income of a freelancer will be the total of all the receipts a freelance get
in the course of conducting his profession. The bank details can present the statement of their professional incomes
from the different banking channels.
ITR3 or ITR4 form is the application form for filing income tax for freelancers. ITR 3 form forms are needed to fill
when a freelancer gets income from a business or profession. ITR 4 is a new addition to the taxation list that provides
some kind of tax benefits to freelancers.
1. Carry forward losses
Most business faces loss in the initial days of their business. It can be carried forward for many years. Filing an
ITR can help in adjusting the previous losses. If a person does not file ITR, he may be deprived of the benefits.
2. Outline financial worth
An ITR outline the financial worth of the taxpayers. It increases the capital base of the person and shows their
financial capacity. By filing the ITR, investors and institutions get to know about the capacity of a business.
3. High-risk cover and loan processing
ITR data helps process the loan. If a person has high financial worth, it makes the loan process easy. The same
goes for high-risk cover insurance.
4. Income tax refund
ITR makes it easy to get a person’s refund of income tax.
PAN
Form-16
TDS certificates
Interest certificates from Post Offices & Banks
Form 26AS
Tax-Savings Investment Proofs
Home Loan statement from NBFC/Bank
Capital Gains
Aadhar Card
1. Selection of package
First, you need to choose a services package, and fill in the details and other forms or connect with our
experts who can provide you with the needed guidance.
2. Collect the information and documentation
The team will collect the required information and documents from the taxpayers manually.
3. Computation process
As a next step, the team will calculate all the payable taxes based on details given by the applicant.
4. ITR3 form submission
An ITR3 form will be filled and submitted by the team through online mode and after that, the team will
share the acknowledgment.
Legal24by7 is here to make everything easy for you. If you have any doubts about how to start with the procedure,
we are here to resolve this confusion for you. We will enlighten you about what are the different criteria you must
fulfill & what is the best possible way you can do everything smoothly. For convenient Income Tax Filing for
Freelancers, we have a team of highly skilled professionals and a large network of people who can assist you with
every service that you will need.
The ITR-3 form helps freelancers and consultants to file their income tax.
A freelancer is a self-employed person who works for themselves, not for an organization. The freelancer receives income from a particular client after the submission of assignments in a particular time frame.
A freelancer is a self-employed person who works for themselves, not for an organization. The freelancer receives income from a particular client after the submission of assignments in a particular time frame.
Yes, freelancers need to pay 18 percent of their income as Goods and Services Tax.
A freelancer is a self-employed person who works for themselves, not for an organization. The freelancer receives income from a particular client after the submission of assignments in a particular time frame.
By visiting the official website of the income tax department, one can know the income in ITR. Legal24by7 support their host in providing them with information on their income tax.
ITR-3 & ITR-4 are the forms under income tax that can be used by freelancers and consultants for filing income tax.
Legal24by7 has a team of experts that help freelancers in filing their income tax returns.
