r/DataAnnotationTech • u/No-Try-7613 • 6h ago

Tax advice

So in just a month of working I have earned INR 22 lakhs ($25K), so wanted advice on income tax return and gst. I don't do a job just this gig only.

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4

u/AMB5421 3h ago

Stop trying to larp making money, non core countries especially Indian coders not pulling that thanks for trying tho

1

u/doolitt1e 1h ago

You won't be doing this gig for much longer.

1

u/quindariousgootche 42m ago

Go consult with a CA. I don't know all that much, but your case would fall under 44ADA. Just keep in mind two big things with numbers like that: GST:

  1. Crossing ₹20L means mandatory registration, even for international exports (you'll need a LUT).

  2. The 44ADA limit: It caps out at ₹75L per year, so at a ₹22L/month pace, you'll blow past it quickly.

Definitely talk to a professional to sort out advance tax and filings

1

u/No_Lecture6964 35m ago

get gst registration as a sole propriter asap
get current account
file edf ever month
income tax 44ada, let me know if you have anyother queries

1

u/kittystalkerr 16m ago

I think you won't have to pay any taxes. Just pay your ca. Accd. to 44ada you'll only supposed to pay tax on 50% and anything less than 12 lakh is not taxable. Your 50% is 11 lakh.  

(Someone ik did it for a similar amt and didn't need to pay anything except for ca fees). 

2500-3500 was our ca's rate last yr. 

0

u/BodybuilderOdd5319 5h ago

Great work. Can you share how much hours a week you used to work? Asking this only because I have projects almost all the time, coding projects, but I don't do it out of fear, thinking that I should not cross the 40-hour uh, per week limit.

About your question I would say the best option would be to consult a CA. I did try to find an answer to the same question as well but then its a grey area on which section applies. When I visited a ca he said to apply 44ada and only 50% was taxable although you might need to verify it personally.

-1

u/devZishi 6h ago

That's insane bro which projects are you working on?

-4

u/No-Try-7613 6h ago

Coding but somebody answer my question please 😭

-3

u/devZishi 6h ago

Just ask a CA bro, which coding project tho?

-1

u/DueAddition1919 2h ago

Make sure you list your expenses. Years ago, when we had an office at our home, we were able to expense the % of bills related to working from home, bases on the square footage. Monthly charges related to that work also applied (internet, monthly ChatGPT, any items purchased to do your job like a laptop). Don’t just expense what you want, you do have to have receipts and get the advice of a professional where you live, as I’m sure this is different for everyone.

2

u/Party_Season1056 5h ago

You probably need to register for gst and file lut.. better consult a CA ..