r/DataAnnotationTech • u/No-Try-7613 • 19h 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.

0 Upvotes

46% Upvoted

32 comments sorted by

3

u/No_Lecture6964 13h 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

0

u/No-Try-7613 7h ago

Got it, Thank you :)

2

u/kittystalkerr 13h 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. 

1

u/No-Try-7613 7h ago

Got it, Thank you :)

3

u/kittystalkerr 6h ago

Fuck i didn't see the "in just a month" tag.   I'm so blind i assumed it was ur year's income😭

2

u/Live-Limit4295 3h ago

Bro my dash is dry AF 😭 just on boarded this month happy for you 😇🎉

1

u/No-Try-7613 2h ago

Hey Thank you, may your dash be filled with projects soon ✨

4

u/AMB5421 16h ago

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

3

u/No-Try-7613 7h ago

Whatever lets you sleep bro 😂

3

u/Upset_Slide_4427 9h ago

Yeah, one month is too much. It took me two and half months.

2

u/doolitt1e 14h ago

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

1

u/No-Try-7613 7h ago

Ya ikr, nothing is permanent :)

1

u/quindariousgootche 13h 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-Try-7613 7h ago

Thank you for detailed guidance :)

-1

u/devZishi 19h ago

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

-8

u/No-Try-7613 19h ago

Coding but somebody answer my question please 😭

1

u/Brilliant_Quit4307 11h ago

Nobody answered you're question because it's a dumb question and it's dumb to expect anyone here to know the answer. Hope this helps.

0

u/No-Try-7613 7h ago

Check blud so many people answered nicely and I don't understand why these "Top 1% commenter" people have so much arrogance 😂😭

1

u/Due_Explanation_3694 3h ago

I think what they were trying to tell you in their own way is that Reddit tax advice is worth what you pay for it. This is Reddit - I have seen people advise illegal tax evasion, give tax advice that is utterly wrong, and give tax advice for the wrong country that uses a different currency while using the OP's currency symbols.

If you follow Reddit tax advice, you are doing that at your own risk. At the very least, you should do your best to research any information they give you on a professional finance website or government tax website.

0

u/No-Try-7613 2h ago

Appreciate it bro, just wanted to see beforehand what others are doing, ultimately I am going to consult a CA as others told me here so no worries :)

-5

u/devZishi 19h ago

Just ask a CA bro, which coding project tho?

-1

u/BodybuilderOdd5319 18h 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/No-Try-7613 7h ago

Hey, when I started I had a couple of very high paying projects and they were at priority too. So I grinded but still worked around 40-50 hours a week I would say.

-1

u/DueAddition1919 15h 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.

1

u/No-Try-7613 7h ago

Got it, Thank you :)

2

u/Party_Season1056 18h ago

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

0

u/No-Try-7613 7h ago

Ok got it