00:00Sir, if someone misses the deadline, what happens to them?
00:12There is still a lot of time in the deadline. The deadline is 31st July.
00:18So if someone misses the deadline, you will know that you can file a belated return till 31st December.
00:23You will have to pay a penalty.
00:25You will have to pay a small amount.
00:27It's not too much. It's around Rs. 5000-Rs. 10,000 under 234F.
00:31You can pay that amount.
00:33But there is still time.
00:35I would like all the followers and viewers of Daily Hunt to not miss this deadline.
00:41Because the deadline is 31st July.
00:43And it starts from 1st April.
00:45Generally, returns are filed between 15th May and 31st July.
00:53Because it starts from 1st April.
00:55Generally, people don't file.
00:57Because it takes time to get the statements and form 16.
01:00And it takes time to collect the documents.
01:04So the deadline is 31st July.
01:06If someone misses the deadline, you can file a belated return till 31st December.
01:10Sir, my next question is that how can freelancers and self-employed people maximize their tax savings by the end of the year?
01:19See, freelancers who have their own income, do small businesses, or are associated with a profession.
01:26I will give this advice to them.
01:28Because your expenses are subtracted from your income.
01:33That is, your net profit is taken out.
01:35And if you are in presumptive tax, then that is a different matter.
01:38Because you subtract your expenses.
01:40So take care of your bills.
01:43Normally, I have seen people go to restaurants, do business meetings, do anything.
01:47After that, they pick up the bill and throw it away.
01:49They don't take care of the bill.
01:50So I will advise them to take care of the bill.
01:53And they don't even maintain their accounts properly.
01:58So maintain an excel sheet in which you can see where you got your income from.
02:02Where you spent.
02:04Make a list of it.
02:06If your income is in crores, then you have to keep books of accounts.
02:10Make sure that your books of accounts are not incomplete.
02:13You have to take care of all these things.
02:15Apart from this, there is a presumptive tax scheme for professionals who do small businesses.
02:20Where there are limits to your turnover.
02:22For self-employed people, I think in your system, in your computer, in your laptop, in your phone, in your documents,
02:30you should have a book of accounts of where you got your money from and where you spent it.
02:36Especially the money you spent for official purposes.
02:39Keep a separate book of accounts of that money.
02:41Because all that money is subtracted from your income.
Comments