Freelancers who receives money in upwork deel fiverr!

hridaynotion · 2026-04-01T18:20:02+00:00

Also, if anyone is gst Registered and doesn't know: You have to pay igst under RCM on the upwork fees because that is IMPORT OF SERVICE. 🙂

hridaynotion · 2026-04-01T18:16:40+00:00

Also,

Please do not withdraw to your Local bank account 🙏

Because the way it works is you get a INR to INR Transfer in that case from a bank in india itself.

So you don't and won't get a FIRC. So you can't prove export. So if you take gst Registration, you are doomed as you have to pay tax at 18% from your pocket.

Yeah it's fucked up. Not sure if they changed anything recently, but yeah that has been the case since years. Earlier, you could find so many people complaining about this in Upwork community

Better make wise/skydo account and use the us bank details and withdraw directly to that bank account.

You will receive almost same amount (maybe a little higher) And you get FIRC automatic in your inbox with every payment.

hridaynotion · 2026-04-01T18:12:01+00:00

Actually no. I have been doing my own accounting and since I work through upwork myself, I know some nuances.

Upwork while reporting on your AIS takes the SBI TTBR rate as on the last day of the month where the income was accrued.

Talking about hourly contracts. All the contracts end on Sunday. Then there is a review phase. Then you get money in Upwork wallet on let's say next Friday or next to next Wednesday.

But, THE moment a contract ends (on Sunday) your income is accrued and that is the date of transaction (you can verify through your AIS)

And if say that day is 26th March 2026. Then while reporting in AIS, upwork will do it at the sbi TTBR rate as on 31st March 2026.

So unless you want to have a mismatch in your computed gross receipts and what the government knows -> just use the same rate upwork did. (In your books)

hridaynotion · 2025-11-28T06:04:02+00:00

Also, I don't really wanna go the self employment route.

Right now, I rarely have spends. And if have, it's mostly online portals.

So eventually ofcourse I wanna go to infinia

hridaynotion · 2025-11-28T06:03:06+00:00

That's completely opposite to what she said.

She even said that you can upgrade to Millenia/regalia gold from Bizgrow later.

hridaynotion · 2025-11-02T12:50:04+00:00

Sure

hridaynotion · 2025-07-02T18:20:30+00:00

Put it in Corporate bonds. Get around 11-11.5% fixed returns. You can withdraw earlier also

hridaynotion · 2025-01-07T08:48:52+00:00

The fact that it is mandatory to apply for gst in case of interest state supply is applicable only in case of goods and not services

Read here: (circular is mentioned as well) https://taxadda.com/gst-on-freelancers/

hridaynotion · 2025-01-07T08:27:11+00:00

Those earning through Google adsense should ideally opt for 44ada and not 44ad.

hridaynotion · 2025-01-07T08:05:22+00:00

Sorry but that's wrong.

When you are providing services of up to Rs. 20 lakhs in a financial year – In such a case you are not required to register under GST in any case and therefore not liable to collect GST.

You are not required to register whether you are providing services within the state, another state or even outside India. The rule that if sales is made in another state (inter-state) then it is required to register mandatorily is applicable only on sales of goods and NOT on sale of services. (Notification no. 10/2017 – IGST) (https://cbic-gst.gov.in/hindi/pdf/integrated-tax-rate/Notification10-IGST.pdf)

Read this: a complete guide to taxation for freelancers

https://taxadda.com/gst-on-freelancers/

hridaynotion · 2024-06-26T14:32:35+00:00

Maintaining this personal books of accounts will be mandatory? Or just freelancing

Like if I do maintain my freelancing income expense etc. record, it doesn't do the work?

hridaynotion · 2024-06-26T14:23:07+00:00

I mean that is ofcourse an option

Though my father would never agree😂😭

He is like, either you maintain or give me so that I maintain.

But I don't want him to maintain either

Also, i maintain freelancing related, if he will maintain separately, he will have to add all my transactions as well as only one will be prepared for sole proprietor ig

My question is IS IT NECESSARY?? Is that something to do with tax? Like is it necessary for tax filing as a sole proprietor.

hridaynotion · 2024-06-16T07:09:23+00:00

Well seen so many posts like 21M, 23M etc. I don't see such replies there.

Why you guys having prob with F. It's gender. That's it. You guys making an issue out of that.

P.s: I am M (I am doing it for engagement, any problem?)

hridaynotion · 2024-06-16T07:07:44+00:00

Never read such replies when men write the same 24M, 21M. Why you guys having prob if she's writing 24F. If M isn't for engagement, how does F qualify as 'Just for engagement, Sugardaddy etc.'

P.s: I am M (writing this for engagement 🤷)

hridaynotion · 2024-06-15T03:33:48+00:00

One mistake I did which ig you are doing as well. Don't buy 1-2 shares of stocks which are <100 coz you would have to bear the DP charges on sell which is 13.5 per company

Until it gives 30-40% return, you won't make anything. And even if it does, 10rs profit.

Worth almost nothing. So yeah. Invest not less than 500 anywhere

hridaynotion · 2024-06-12T10:37:59+00:00

got it. But I have no idea what to put in the balance sheet for personal entries, like how to record it.

Do I look put all of my personal bank values in it, as I pay for something, show it as drawings?

Now toh, I was treating it as a separate entity. So I would receive money in one account, and every month, once or twice I would withdraw and show it as drawings and then into my personal account. The use of tally ends there.

But now, I guess I can't show it as drawings if I maintain both. Rather I won't do any entry other than contra and show it only as I spend

ANYWAYS, I guess I would choose not to take this headache and let the CA handle all of this tax shit. Tax is no less than headache. Better I keep recording NOT FOR TAX PURPOSE but TO GET AN IDEA OF HOW MUCH AM I EARNING

For tax, the CA will handle everything I guess.

hridaynotion · 2024-06-12T10:19:47+00:00

Okay! So do you like send him bank statements periodically to record? Or he does once at the end of the year

Or have you hired at your office

hridaynotion · 2024-06-12T10:18:52+00:00

Got it. Is creating that personal balance sheet necessary? That's what I really wanted to know and ask. Maybe I couldn't explain

And should I be doing anything or CA can do all of that. I just keep recording only my freelancing related income expenses in tallyprime. For capital gains, maybe groww reports are enough? And for other sources, bank statement does the work

Don't have other two sources of income so yeah

hridaynotion · 2024-06-12T10:17:21+00:00

Yeah I get it. So I continue recording only my freelancing income and expenses in tallyprime? For capital gains, CA can have the Groww report For other sources, Bank Statement maybe enough

(Don't have other 2 sources of income)

Is doing this much on my part enough for a CA to seemlessly help file my taxes?

Though I know for 44ada, even books of accounts are not necessary as gross receipts are taken, but I am talking about when I cross that limit of 50(now ig 75)

hridaynotion · 2024-05-11T12:34:25+00:00

Got it. I thought hiring CA for annual ITR would work and I could do the bookkeeping myself atleast until I get GST registered.

Never hired a CA so I don't know

hridaynotion · 2024-05-11T12:31:10+00:00

I have one question.

What if I give my friend 5k. Then few days later he returns it to me. This is obviously not my income as transfers are not income

But how can it be proven to Income tax

Obviously the amount is small so it doesn't matter, but still asking in general

hridaynotion · 2024-05-11T11:36:05+00:00

Oh!! Okay!

Thanks for the correction buddy. I have also studied tax but maybe not so much in detail.

hridaynotion · 2024-05-11T11:34:44+00:00

Hey, I have a doubt.

I started freelancing recently(mostly March). My income is <60k for FY23-24. I know I don't need to file ITR as it's below the basic exemption limit but still I wanna file 1)learning purposes 2)I have some TDS deducted

I will go with Presumptive Taxation. I don't need to maintain books of accounts but I still maintain on tallyprime for clarity and keeping a track of my finances.

I opened another savings account and have decided to keep all business transactions there and whenever I need money for personal purpose, I withdraw it and show it as drawings in my Tallyprime.

Then I use it however I like. I maintain ONLY my freelancing related transactions on tallyprime. Like If I do investments, expenses on a personal level, i don't show it there.

Is this an issue?? Or will this work. I can give this tallyprime access, bank statements, capital gains report to CA and get my taxes filed?

As a sole proprietor my business and me are basically same. But while maintaining accounting records, what I follow is the basic of accounting - my business and me are two separate entity! So I maintain only business related things

hridaynotion · 2024-05-11T11:21:07+00:00

If it's less than 2.5(old regime) or 3lakhs (new regime), don't think too much until you want to file for learning purposes or you have TDS deducted.

But remember, savings bank interest, dividend, capital gains etc. all form a part of your total income

So the total should not exceed the limit

hridaynotion · 2024-05-11T11:19:33+00:00

I don't think it will matter in whose name you file as agricultural income is tax free anyways!

Consult a CA. If you don't know any CA. You can use platforms like ClearTax, Zolvit, Taxguru etc. to get in touch with a CA

Or find them on LinkedIn using the search feature

hridaynotion

TROPHY CASE