Balance Sheet Mandatory for Freelancers Yes, drafting a balance sheet mandatory for freelancers in India under certain circumstances. A balance sheet is a financial statement that provides a snapshot of a freelancer’s financial position at a specific point in time, showcasing their assets, liabilities, and owner’s equity. Here’s an explanation with hashtags: 1.… Read More »
Balance sheet for freelancers The threshold limit of balance sheet for Freelancers in India, in terms of the balance sheet, refers to the maximum turnover or gross receipts that a freelancer can have before being required to undergo tax audit under Section 44AB of the Income Tax Act. This limit is subject to change and… Read More »
Section 44ADA The presumptive taxation scheme of Section 44ADA is applicable for certain professionals who have a total gross income of up to Rs. 50 lakhs in a financial year. This scheme is available to the following professionals: 1.Resident individuals 2.Resident Hindu Undivided Families (HUFs) 3.Partnerships with resident partners However, professionals who have income from… Read More »