What is the procedure for registering a Firm ? Please help!

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My question is shall i register sole proprietorship firm for my own identity firm , or working as freelancer is better, if my income is more than 3Lakh shall i pay tax on this in both option? I m working in a company with 20k /month and 1 lac extra from freelancing work . So i m planning to work full time as freelance. Suggest me ?

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Posted by shena
Asked on 2017-05-08 5:56 pm
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According to cleartax.in, “You can choose to continue business as a freelancer, which does not require any formalities. You can continue to receive money to your existing savings bank account. And your income tax return will include income from your business or profession and you won’t need to file a separate income tax return.”
“Your income is the sum of receipts from the work you do for your clients. Your clients may be based in India or outside of India. You can use your bank account statements to add up all the receipts that have been credited to your account by clients.
You can deduct expenses that you have incurred directly to earn your freelancing income. These could be your phone bills, internet bills, travelling expense, conveyance, etc.”

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Posted by Gunjan (Questions: 2, Answers: 126)
Answered on 2017-05-16 5:48 pm
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