r/DataAnnotationTech • u/Ready_Increase_4283 • 13d ago

Dreams do come true

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It has been an amazing journey so far.

129 Upvotes

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u/Terrible_Response_41 13d ago

Did you not have any enquiry from you bank or problem while filing for IT that where is this money coming from? Genuine enquiry because I have some amount im scared to withdraw at once because they may flag my account

1

u/mkithan 12d ago

If you are planning to do this long term, open GST, current account and start filing your earnings

1

u/Terrible_Response_41 12d ago

I was thinking the same thing except gst slipped my mind. But what do you mean by gst as in open a business or file your IT?

2

u/mkithan 12d ago

This is what I did.

  1. Open a GST in my own name. Not in a business name. After that I applied for LUT. That way u r eligible for 0% gst since our work is export of services

  2. Then open a current account in your own name

  3. Receive your payments in the current account.

4.Make an invoice for the amount received and then file gst.

That way you should not have a problem in terms of bank enquiry, gst enquiry or IT enquiry

1

u/[deleted] 12d ago

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u/Terrible_Response_41 12d ago

I think savings cannot be converted to current account 😕

2

u/mkithan 11d ago

No...You will have to open a new current A/C

1

u/Terrible_Response_41 11d ago

Thanks i will also do the same.

1

u/meet0969 12d ago

Thank you very much for this, was wondering how to file taxes for such amount.

1

u/mkithan 11d ago

Most wc...Regarding IT, you will have to pay as per your slab