Definition of “Self-Employed Person”
A self employed person is the one –
• Who carry on a trade or business as an independent contractor or a sole proprietor and reports profits earned from self-employment.
• Who is an entrepreneur means a person who runs his own business
• Who is a member of partnership that carries any trade or business
• Self-employed person manage who he work for, when the work is performed and how it is done.
• Sole proprietors and partners in partnership business are also considered as self-employed persons.
There are some tax advantage to self employed person and are allowed certain deduction as per the income from their total earnings for the computation of their income tax per year. Such deduction can considerably reduce their total tax outgo. To know about such benefit ask our expert (All you have to do is fill the form here).
Self employed people must report the income earned from business operations or self-employment not a salary. Business income is a part of the full amount of personal income which is taxed at individual income tax rates.
The income tax returns have to be filled on the sum of personal income for the given financial year after a tax inspection. The audit must be done by a qualified and skilled Chartered Accountant, who studies the books and find out the expenses that may be permitted against the income to officially state that the assessee has kept the account book as needed.
Conducting an audit is highly important as taxes can be paid only after it. The assessee is required to get a tax audit if receipts from business are more than Rs. 25lakh or business income is higher than Rs 1crore.
At LexOracle, we have experienced team of lawyers and Charted Accountants (CA) who are well versed in handling any level of filling. So just click on apply now and get your filling done.
Q) How are the documents to provided?
Q) How much time does it take?
How it is done?
Documents to be provided:-
- Relevant data for the purpose of Income Tax Assessment e.g. all Accounts Books, Bank Statement of the Financial Year, etc.
Given below are some steps to get your filling done without any hassle:-
Step1:- Receive expert counseling on Tax Assessment and filling by our Panel of CAs
Step2:- Pay 50% of the payment
Step3:- Provide all relevant data for the purpose of Income Tax Assessment (We’ll guide you!)
Step4:- The application process will start within 24 hours of Document submission
Step5:- Make the Balance Payment at the time of Tax filling
Step6:- Receive your Original ITR (Income Tax Return) and ancillary documents
Click on apply now and get it done right away!!
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*Time period quoted is tentative and approximate
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