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A Comprehensive Guide on Tax for Freelancers
A thread..
#incometaxindia #44ADA #GST
Part 1 - GST v. Income tax
A thread..
#incometaxindia #44ADA #GST
Part 1 - GST v. Income tax
First thing you need to understand is that Income Tax and GST are 2 completely different Acts and tax different things. Let's illustrate quickly with a simplified example.
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Example - GST v Income Tax
Mr. India earns INR 1 crore by selling services to Indian parties. This is professional income for Mr. India. GST on these services applies at 18%.
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Mr. India earns INR 1 crore by selling services to Indian parties. This is professional income for Mr. India. GST on these services applies at 18%.
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