Freelancer income

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 September 2014 Assessee has recently cofounded a venture with 2 other partners in US. He has been drawing some monthly remuneration from the venture (as payments to external consultant), in return for research & strategic consulting services. How is the assessee required to account this income for tax purposes?

Also, if this requires the assessee to file taxes as a freelance professional, is he required to prepare books of account? or can it still be done as a normal income?

And if its required to maintain books, can the assessee still take benefit of tax slabs, home loan and education loan etc rebates like he did in his previous years' returns as a salaried employee?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 October 2014 1. income will be offered as Income from Business and profession

2. accounts are to be maintained subject to conditions provided in section 44AA

3. yes all the benefits available under section 10/Chapter VI-A shall be available

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