Taxes I pay as a remote software developer vs a FAANG job
Вставка
- Опубліковано 5 жов 2024
- Remote jobs newsletter - indiaremotejob...
As a remote SDE, there are multiple ways you can fulfill your tax liabilities depending on your annual income and location. Learn more about the world of taxation as a freelancer, including 44ADA, purchase parity, and overseas registrations.
My links
/ kirat_tw
/ kirat-li
/ kirat_ins
44ADA is not a tax saving scheme rather its just exemption from maintaining the books of account. So you still have to pay tax on (revenue - expenses), not 50% of your revenue. Just that you are exempted from maintaining the books of accounts.
Yep this is true, should've included this in the video, thanks for clarifying!
@@harkirat1
Hi Harkirat_Singh
My suggestion :-
I really like your content about remote job. The youtube is overflooded with the DSA, MANG, FANG stuff. So, it's my request please don't jump into those type of content . Please continue making videos regarding How to get a remote job starting from scratch like which technology should be focused and it's resource and how to find and approach these kind of companies.
As you said in the video "There is no standard practice to get hired in remote companies". So, plz make an end to end roadmap starting from scratch "How to get hired in a remote company".
UNDER 44ADA, CAN I SHOW MY STOCKS INVESTMENT AS EXPENSES ??
Agree, But, individual can presume that profit is only 50%. This is what it meant by sec 44ADA. Till date, it is not mandatory that you are required to show your expenses.
It really depends upon how you interpret it. Harkirat is not wrong as well. You are interpreting the section literally what he said in video is more practical.
Thanks for sharing this. We developers who are starting up don’t really have these ideas and end up leading the hard way after losing a lot of money. Thanks a lot for this
I'm Aspiring SDE.. I watch your all videos & learn many new things from it. It also kind of motivates me to push my self.Also your confidence and communication skills are 🔥
Very crisp, you're humble. Thanks man!
The limit for presumptive taxation(44ADA) has been revised from 50lakhs to 75lakhs during last years budget. Also if your salary exceeds more than 20lakhs per year, then you need to have GST registration and raise GST invoice with 18% extra to the monthly bill(my CA just asked me to register for GST). After paying tax and 18% GST, I think the net amount you have to pay as tax is more than what you will pay as a regular full time employee.
Isn't GST 0 for cases where u r exporting service internationally ?
How does it become more?
50% less
18% more right
It's still better than paying 30% tax as per the salaried employee slab
If you work for companies outside india gst is 0% but you have to get a gst number. I have been woking remotely for 3 years now. I recently got my gst number.
@@ngsuraj Can you please explain more like you got gst but pay 0 then how is gst registration is utilized? What I understood is gst is must for registration and to be filled as 0, i think there could be more things which i am missing.
@@ngsuraj To show export of services the currency should be in convertible currencies, but during wire transfer the charges are too high, is there any way to receive payments legally?
Was just getting started with my freelance journey got my first client and this video was just in time. Thanks a lot harkirat.
Also pls make a video on how to get more clients in the technical sector of freelancing.
How did you get your first client?
@@balaramtupili I DMed a lot of people who posted a task and sent my projects finally one agreed to give me work
Are you using twitter?
@@balaramtupili yess and LinkedIn
what services are you offering??
44ADA is just freedom from keeping accounts. If you earn 49.999 LPA and pay taxes on 25 LPA and your expenses really arent anywhere near 25 LPA then you're in trouble.
Why there would be trouble? Govt doesn't require any proof for your expenses if your income < 50L
bhai background noise annoying😗😗😗😡😡😡
How to work remotely?Where to apply for?How to get high paying jobs remotely?
Your videos are really informative.
No fluff
That is a great summary of the information that took me a few months and countless websites to scan. Great work! Would you mind sharing how you keep track of your expenses as I understand you are making the above limit for using the 44ADA in a ball park ? That part is still very confusing to me on how to keep a track of all the bills and expenses as a freelancer and also insurance - health and life that we need to manage ourselves when you are not a full time employee 😕
Hello if you are a free Lancer can we please connect?
The limit is now 75 lack for 44ADA if you are receiving less than 5% of your income through cash.
Anyways for a remote opportunity, no one is going to receive it through cash. Also, CA directly does 50% cut applying 44ADA without showing any expenses explicitly. Is there any cause of worry?
Setting up a company in foreign country may be benificial in the long run of say 15 - 20 yrs, considering both of the couples are working remotely. Savings of tax will me humongous. What your take on this?
Please make a video on where to find remote jobs in all the domains and how to get a remote job
We really want these kind of videos more and more . I ersonnaly have zero knowledge on these topics. I do not even know about most of the terms you mentioned. Also one honest suggestion please explain the concepts in more detailed manner with some relative examples to understand and your pace of conveying is so fast please slow down a bit. Most useful videos brother!
Harkirat thanks for this video
1. Can you elaborate on what kind of company can be created to avail for 44ADA .?
2. Say my net income >50 LPA , can I draw a small amount as a salary from the company I created and keep the remaining amount with company to save taxes?
3. Can I set up a company in US (instead of Dubai / Singapore) and only draw a smaller amount in India.What kind of tax laws will be applicable in that case ?
As A chartered accountant let me give you free tax tips
1 Only Individual , HUF ( Hindu Undivied Family) and Partnership firm ( Not LLP because LLP most rules are similar to company) can avail benefits of 44ADA , Companies can't use 44ADA, Also If you choose 44ADA no other expenses can be claim by you like traveling ,electricity also you don’t need to maintain books of accoutants
2 If your income is greater than 50 lacs and you create company , then your salary is expense for the company and income for you , Lets say your company has income of 70 lacs and you draw salary of rs 25 lacs then your company will pay taxes on 45 lacs AFTER depreciation , other business expense (NET profit) and you pay taxes on 25 lacs without any expenses because in salary no expenses allowed
3 Even if you setup company in US/DUbai but live in India ( ordinary resident under section 6) then your whole world income taxable in India. SO don't try to save taxes that way until you hire good CA because that route is very Tricky and you may create big trouble .
Hope this will sort out all your queries
Thanks a lot
@@iSuhag WHAT IF I HAVE MY OWN COMPANY AND SHOWING WHOLE 70L COMPANY INCOME UNDER SEC 44AD ?
WHERE ONLY 8% IS TAXABLE ?
@@iSuhag Hi
@@true_human_007 Firstly you don’t need a company for opting presumptive income scheme us 44ad or 44ada. Secondly, 44ada is for professionals like engineers, architecture, accountants etc. and 44ad is for other businesses. So if you fall under list of professions covered under 44AA you will have to opt 44ada not 44ad.
I find your videos very interesting,even though i am doing MBBS
how to start in freelancing ?
how to get us based clients at earliest ?
thanks harkirat bhaiya for insightfull videos 🙌
Eagerly waiting for this, thanks a ton buddy
Please share your experience working in a remote job.
Was it hard because of different timezone?
It's literally video for people suffering from success (me have no job)
Can you make video on how to find the remote companies like you did? and how to apply , different website to apply , complete roadmap kind of video.
I actually used the last option, it took me 3 months to prove the manager of a bank I was taking home loan from, that I AM EARNING
Made 48L in 20-21 financial year and paid only ~ 5L tax, Got an increment in freelance income and it increased to 55L in 21-22. And had to pay ~16L of income.. My post tax income decreased to 39 L from 43 L after increased income... It's SAD :D
Hello @Raj k would you like to connect and discuss further on remote jobs i got hit by the layoffs and I'm looking for new opportunities
How to get a remote job?
I advise you could have asked them for a holiday package for the remaining amount above 48 lakh and benefitted that way.
Really great advice for finance management
Thanks a ton for this video!!
Lot info at short time, will apply all ways to save my money
Great video !! very informative and let such videos keep coming. Additionally, another implication is to file GST if the net income > 20L ? Can you pl clarify ?
As a contractor, you are exporting services. Export of services doesn't have to pay any GST, you only have to take a LUT along with the GST number, file the GST regularly without paying any GST.
@@kartikeyporwal3539Hi mate, I am earning around 30 lpa as a contractor but do not have a GST ID. There is bunch of confusing information in the internet. Can you please suggest how can I save maximum taxes and how I should file ITR? Thanks
@@Rizz_khan first thing is your transaction is more than 20L, so get a GST and file LUT, otherwise, you may get a notice.
@@kartikeyporwal3539 Thank u so much. Can you pls give me your number? I have some doubts that I really need the answers to. Thank you brother
@@Rizz_khanif you found any way kindly help me as well
For the last point, I agree there's a centralization issue with stablecoins. But recently, ISC launched as a new one which backs the asset to bunch of Real World Assets and isn't backed by a single reserve like Tron/Tether. I think if more companies start paying out in ISC it could definitely be one of the best options of being payed as a remote worker. What are your thoughts on this?
yes make a video for work life balance and work timmings
Hi Harkirat,
Pls make a video on work life balance and problems we can face, of remote jobs because of the timezone difference
Video on timezone problems faced by a freelancer pls!!!
very informative video, harki! Thanks for sharing.
The most important one is how to get a remote job with real job applications.
Sooooooo much informativeee..
Hi Harkirat. I wanted to ask the full time employees under remote who are working for foreign companies, are getting payed the Base salary or is it the CTC, which will have more taxes to pay.
You are doing so well brother keep it up❤❤❤
Does atlassian provide remote work and how much CTC is offered.......
Make a video about your experience during the initial days on Upwork, how you got started etc
Remote work tax filing details like 44Ad,80 c like that clear video required please try to do
thanks for the information!!
Please make a Roadmap for College Students what should they do in their 1st year 2nd and so on....
would love to see more videos for yours
please make a video on how to get frontend web developer jobs & what projects to make to get a job in this field. Would really appreciate it! ❤
HI Harkirat singh, very iformative content, please make more of such videos around freelancing career, its finances and especially if there are any job sites to apply for remote jobs from india.
Appreciate the detailed breakdown! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). What's the best way to send them to Binance?
Really helpful for non software developers as well!
Love your content, thank you so much! Can you please make a video on remote jobs wrt work life balance, stability, time zone?
Can you please make a video how to find remote development jobs and which companies are hiring without asking to move to their country for remote job?
Hi bhai ,
can you make a video on ways to apply for Remote jobs .
And all possible sites and approaches
Make a video on gsoc
Thank you so much❤😊
Opening a company in Dubai or Singapore with only one employee might get labelled as a shell company which will land you in more issues
Can you elaborate
@@meetimian3383 Lot of countries look at single employee companies with suspicion as they are used for money laundering. So Tax authorities might label transfer pricing subsidiaries as shell companies
What are the best ways to receive the payment, with less fees and good exchange rates?
I don't know how many people will really relate to this or many ppl will get relatable information
What part do you think is unrelatable to people?
@@utsavmangla8552 earning 50L in a fuckin year !!!
Now it's best background
HOW TO GET A REMOTE JOB AS A FRESHER
Could you please make a video on how to find the remote companies like you did?
Can a freelancer create a proprietorship company, be the only employee of that company, and then ask the US client to pay that company?
Great help..👏🏻
GST is missing what have you learned even after spending so much on CAs
WHAT IF I OPEN A COMPANY IN INDIA AND CLIENT WILL ISSUE AN CONTRACT TO MY COMPANY. AGGREE, COMPANY NEED TO PAY 30% TAX ON REVENUE. BUT, IF COMPANY INVEST REVENUE BY PURCHASING STOCKS OR PROPERTIES. COMPANY CAN SHOW INVESTMENT AS EXPENSES AND CAN SAVE ON TAXES.
PLS SUGGEST ??
Pls make a video how to get those jobs ?what skills we need to have mainly ?do they focus more on dsa ? And what interview rounds are there in remote jobs at majority ???????? Pls make a video on this
Hi Harikirat nice video!
Need a bit of advice. Please help. I'm from non CS background 2022 graduate and have a job in product based company(not software) as a sde but all I'm doing is bug fixing. The tech stack is only java. I want to know what I should do in the next 3 months aside from dsa so that I can justify my switch. Learning Mern stack.
Sorry if these are noob questions I'm still trying to figure everything out.
Yes
did you got the job from campus placement?
@@nikhil_nishad yes
Amazing content !
Thanks for the detailed and authentic video. Are you not allowed to maintain foreign currency deposits in an Indian Bank beyond a limit?
Annnnnd here I'm watching this video with a 4lpa salary from a mass recruiter🥲#merrychristmas , RIP SANTA🥲
Brother takes 25000 aed to set up company, else many loopholes are there..
what is the cons of working freelancing for the Europian, American companies ?
time of work, work culture/ discrimination, payment issue etc etc
5:45 lol 😂
44ADA doesn't guarantee that the income tax department won't send you a notice let's say you declare 25 lakhs net profit each year but also do 40lakhs stock investments each year department have the right to ask you to justify your investments.
hey my goal is remote job .
so learnt fullstack .I am in third year of clg. what to do next ?
Dsa or ?? no idea ?
Independent contractor vedio if you can make with that how many company they can work .
please make roadmap how to get remote jobs
What are the advantages of remote jobs?
make a video of work life balance while working remotely
How does the government know if I take money in my brother's account
Plz male a video on how to get this kind of remote jobs...
Commendable Work
Damn those transitions! What software is this?
Make a video on remote work life balance and time zone
What about Kirat Technologies? Is it set up in Dubai? 😜
Can you make a video on how to prepare for gsoc???
And how to crack gsoc??
Please make a video on companies which gives high placement in it sector for nin cs branch
You learn A-frame... Right how to learn A learn A frame if someone want to go this gaming and 3D modeling domain can you explain about it... Or another trending or we can say need of US market those technology
But we're employees working so what does forming company in Dubai / Singapore means? Whats the purpose of the company?? How do we prove the country that whats the purpose of it?
he has not addressed those issues in the video
Hello Bhaiya, can we create an account in the US bank and keep our money in the US until we need to withdraw it? and if so, will we liable to US tax policies and how much would that be?
Yeah make work life balance of your remote job
A day as a freelancer. Please do this it'll give us a clear picture of the same & of course you'll end up having more views than the last 5 videos combined
He'll get views but...a day in a life...bleh...no real knowledge from that
what about GST on income for freelancer?
Have you opened a company in dubai if yes, please make a video on how to.
Yeah
Please make a video on remote jobs
Do we also need to get GST for working as a individual contractor?
It comes under the goods and services tax right? Although we are exempted and the gst would be 0,still we'll have to register?
nice editing
Can I buy a car and mention it as an expense if my income is more than 50 lakhs mentioning that I use this car to travel to WeWork for working?
How to start freelance in first year of college
Do we need to provide Foreign Inward Remittance Certificate (FIRC) for tax file?
🙂 best way to have a cash deal with someone who wants usdc at way cheaper than market rate of 90
so you can give usdc at 87 to him/her and enjoy with cash..
That's what most traders do these days who want to avoid 30% taxes on profits...
Only downside of this is you to find right person you want usdc and is eager to buy at the rate you are asking..
but in tier 1 cities you can easily get in touch with them..
just have some contacts 😗
thank you bhai i really feel grateful to watch your videos and i have learnt alot from your videos,being from tier 3 collage i never thinked of remote jobs and because of your videos i have applied to remote jobs.i have question ,
how to get client as a freelancer ?
I am curios to know are you working in US time zone ? What is your work timings ?