On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

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Sukanya

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Upwork is one of the most popular and trusted platforms for freelancers and clients to connect and collaborate. As of 2023, the platform has about <a href="https://www.skillademia.com/statistics/upwork-statistics/#:~:text=Summary%3A%20Upwork%20Statistics&amp;text=Upwork%20operates%20in%20178%20countries.,adults%20between%2025%20and%2034.">12 million freelancers and 814,000 active buyers</a>.&nbsp;

However, as with any online marketplace, scammers try to exploit unsuspecting freelancers and trick them into doing work for free, stealing their personal information, or paying them with fake or stolen money.

As <a href="https://skydo.com/blog/freelancer-earning-potential-in-2024">a freelancer</a>, you need to be vigilant and aware of the common scam tactics and red flags that can help you avoid falling victim to these fraudsters. This blog provides 5 key tips and FAQs on how to spot scams on Upwork and safeguard your freelance career.

5 Key Tips for Spotting &amp; Avoiding Upwork Scams

Here is your answer to “How to avoid scams on Upwork?”

A scam job post may have one or more of the following characteristics.

2. Client Behaviours that Indicate Upwork Scam

A scam client might exhibit the following behaviour.

3. Financial Traps to Avoid Upwork Scammers

Financial traps may include the following scenarios.

4. Communication Warnings for Freelancing Scammers

A communication warning may include one or more of the following signs.

Trust your gut and intuition when it comes to spotting scams on Upwork. If something feels wrong or too good to be true, it probably is. Follow these steps if you encounter any gut-feel scams.

Scams on Upwork are rare, but they do happen. To protect yourself and your career, you need to be aware of the common signs and tactics of scams on Upwork and how to avoid them.&nbsp;

Remember, if something sounds too good to be true, it probably is. Always trust your gut and report any suspicious activity to Upwork as soon as possible.&nbsp;

For more information and support, you can also visit <a href="https://support.upwork.com/hc/en-us/articles/211067668-Staying-Safe-on-Upwork">Upwork’s official resources</a> and <a href="https://support.upwork.com/hc/en-us">contact options</a>. Thank you for reading, and stay safe!

Ans. If you get scammed on Upwork, don’t panic. Cut off all contact with the scammer and report them to Upwork with evidence.&nbsp;

Next, contact your bank or payment provider and ask for a refund or cancellation. Protect your identity and online security by changing your passwords, enabling two-factor authentication, and monitoring your accounts. You may also need to contact the authorities or identity theft protection services.

Q2. How to know if an Upwork job is legit?

Ans. To <a href="https://www.skydo.com/blog/how-to-verify-a-company-legitimacy-as-a-freelancer?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">find legit jobs on Upwork</a>, look for these indicators.

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In a phase where employees are rallying with layoffs and entrepreneurs are facing tremendous stress, a group of people have managed to stay afloat: freelancers.&nbsp;

However, as a freelancer, you may face challenges showcasing your work to back up the quality of your services. You might lack the time or resources to pursue clients robustly. Even if you achieve this, a portfolio best represents your skills, offerings, past work, and capabilities.&nbsp;

The right kind of professional portfolio can make or break your case. Before reviewing the techniques to create the perfect professional portfolio for freelancers, let’s start with the basics.&nbsp;

A professional portfolio is a catalogue that helps existing and potential clients understand your work and decide if they should partner with you. It is a collection of your past work, client testimonials, and the work you aspire to do in the future.

Why Is Your Freelance Portfolio So Important?

Let’s answer this with another question: are trailers important for movies? Are reviews important for online shopping products? That is exactly how important a portfolio is for a freelancer. It will help a client decide whether they want to work with you, how much <a href="https://www.skydo.com/blog/personal-finance-tips-and-tricks-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link%20-%20[%20]">money</a> they think you are worth, and the kind of projects they want to assign to you.&nbsp;

How To Build A Freelancing Portfolio That Generates Leads

The first step to building a great portfolio is understanding its purpose: this portfolio is a preview of your work, almost like a first impression. Thus, the end goal of your portfolio is this: <a href="https://www.skydo.com/blog/how-to-verify-a-company-legitimacy-as-a-freelancer?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">great clients</a>, good working relationships, and a chance to do better work.&nbsp;

The customer reviews and the type of clients you have worked with are essential parts of your portfolio. If your well-known and influential clients are willing to write client testimonials for you, half your work is already done!&nbsp;

Finally, when you are working as a freelancer, none of your work is handed to you. Each day, you have to present yourself to the world and ensure that you get work to do. In that case, a freelance portfolio is a great way of putting yourself out there and attracting clients.&nbsp;

1. Define Your Unique Selling Proposition (USP)

The famous Japanese concept of Ikigai works wonders to recognise your USP. According to Ikigai, you need to assess four crucial things: What you love, what you are good at (both these things aren’t necessarily the same), What the world needs, and what you can be paid for.&nbsp;

If you have an answer for all these and craft a niche accordingly, you will have created a distinctive USP.

Once you figure out your USP, use these prompts to frame them in your portfolio:&nbsp;

Whether you are a writer, a programmer, a photographer, a marketer, or any other professional, these prompts and USPs will be one of the most important and highlighting features of your freelance portfolio.

<a href="https://www.behance.net/ashitan">Ashita N</a>, for example, is a freelance designer who makes it clear that her USP is branding, packaging, and logo design. This helps make her profile crisp and to the point while making her message clear.

2. Select The Right Platform For Your Professional Portfolio

Choosing the right portfolio website depends on your profession. For example, most graphic designers, VFX artists, or photographers–anyone with a visual component to their profession choose <a href="https://www.behance.net/">Behance</a> or <a href="https://dribbble.com/">Dribbble</a>.

Writers use platforms like <a href="https://medium.com/">Medium</a> and <a href="https://substack.com/">Substack</a> to showcase their work in an easily readable and user-friendly format. Others with basic skills in programming end up creating their website from scratch or use WordPress or Wix to create a site of their own.&nbsp;

A few people also use their LinkedIn or X accounts to market themselves and post content in a way that their social media profiles end up becoming their professional portfolios.

3. Craft a Captivating Bio And About Me Section While Creating Your Portfolio

The most important thing while writing a bio is to say more with less. Here are some template examples:

I specialise in crafting impactful [XX specialisation] for [XX] years. Elevate your brand with my unique perspective, attention to detail, and expertise.

My name is (XX) and with (XX) years of experience in the field of (XX), I can help address all of your brand’s needs regarding (XX).

While the bio and portfolio title are straightforward, crisp and SEO-friendly, the about me section is where you can get a bit personal. In a few words, you can address your interests outside of work and talk about how you got to where you are.&nbsp;

For example, <a href="https://www.gurmanbhatia.com/">Gurman Bhatia</a>, a freelance data journalist has a website where clients can see an easy-access clickable link and the testimonials right under the main content. The bio and about sections are crisp and almost flow in line with the rest of the website.

4. Design Your Portfolio To Speak to A Specific Niche

Your portfolio design must always align with the aesthetic of your profession. An architect who has worked on corporate buildings cannot have a colourful and quirky website, just as a graphic designer working with social media apps cannot have a monotonous colour scheme.&nbsp;

Know the kind of audience you will attract and let your personality reflect through your website’s design.

5. Showcase Your Work: Portfolio Essentials

If you are an architect, speak about how you acquired a project or overcame the difficulties while displaying pictures of the project. Short descriptors help set the narrative and help customers know you better.

Including case studies, personal experiences, and learnings enhance your portfolio and give your projects a flow, which is difficult to achieve when you simply line up your projects one after the other.

The simplest way to storytelling is to write about how you landed in the profession. Speak about your background, your inspirations, education, and other experiences that have made you the professional you are today. This helps give a human side to your portfolio and offers insight into your motivations.

Depending on the intensity of your work, fix a routine timeline to update your website or page regularly. Treat this as a clean-up for your professional portfolio: remove old and irrelevant content and replace it with some of your latest work.

Add the links to your portfolio to your social media. These links will lead directly to your website and help customers discover you. Posting about any of your latest work and adding a call-to-action to your portfolio ensures your followers keep getting reminders to visit your website.&nbsp;

Some freelancers also send newsletters to their subscribers using <a href="https://mailchimp.com/landers/newsletters/?ds_c=DEPT_AOC_Google_Search_ROW_EN_NB_Acquire_Broad_50off_T5+Test&amp;ds_kids=p78751140618&amp;ds_a_lid=kwd-107910593&amp;ds_cid=71700000116303635&amp;ds_agid=58700008622071298&amp;gad_source=1&amp;gclid=Cj0KCQiAsvWrBhC0ARIsAO4E6f_87DON2EXRwYP9TqN49ppRkDrX0TSWxfEDyfLe1lgvhWbaMgFBiEkaAoX1EALw_wcB&amp;gclsrc=aw.ds">Mailchimp</a> or <a href="https://www.brevo.com/blog/how-to-create-a-newsletter/">Brevo</a> to keep their target audiences informed of their work and the latest updates regarding their projects.

Using online communities can also be a great way to promote your work. There are special profession-based Facebook groups or Reddit forums you can join where people ask and answer questions, offer jobs, and seek general help from peers. This is a great way to get more work and be a part of the professional community.

A good and effective freelancing portfolio helps you attract more clients and <a href="https://www.skydo.com/blog/the-essential-elements-of-a-successful-freelancer-contract?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">onboard them</a>. It also contributes to the perception that other potential customers develop towards you.&nbsp;

The design, promotion, language, and structure are all aspects that should be well-thought-out and researched to help get your message across. If you ace these areas and be truthful and direct, you will see your business and eventually, your revenue, grow.

Q1. How to create a freelancer profile on Upwork?

Ans: After <a href="https://www.upwork.com/nx/signup/">signing up</a> on Upwork as a freelancer, add projects to your profile and create a portfolio. Click Find Work -&gt; Portfolio. Then, scroll down in this section and select the ‘+’ button to add your projects.

Q2. What do I write in a professional freelance portfolio?

Ans: A professional portfolio generally carries a brief bio and your work, customer testimonials, and some case studies or examples of projects you have worked on previously.

Q3. How often should I update my portfolio to reflect my evolving skills and latest projects?

Ans: The frequency of updating your portfolio depends on your volume of work. Generally, most people update their freelance profiles every month. Remove unnecessary, old, or irrelevant details and replace them with some of your new and updated work when you update your portfolio.

Q4. What is the ideal balance between showcasing various skills and maintaining a focused niche in my portfolio?

Ans: You can mention your diverse skillset at the beginning of your portfolio. As you dive deeper into your projects and work, establish a niche by explaining how you got there.&nbsp;

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With the rise of the <a href="https://www.skydo.com/blog/top-3-freelancing-trends-in-the-gig-economy?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">gig economy</a> and the need for flexibility and independence in the work, freelancing is the ultimate career choice. According to <a href="https://www.globenewswire.com/news-release/2022/03/07/2397843/0/en/Freelance-Platforms-Market-Size-and-Share-2022-Research-Report-by-Growth-Rate-Development-Status-and-Forecast-to-2027.html">statistics</a>, the global Freelance Platforms market size may reach $9192.9 million by 2027, from $3393.5 million in 2020, growing at a CAGR of 15.3% during 2021-2027.

However, if you’re shifting from a stable job to freelancing, you may wonder, what is the freelance earning potential? Will it replace a steady income from your job? How can you ensure a steady income? The answers to these questions and more are elaborated in this blog.

The freelancing earning potential varies, influenced by experience, skill set, and project complexity factors. According to <a href="https://www.ambitionbox.com/">AmbitionBox</a>, the average freelancer's earnings, based on their expertise are as follows.

These numbers may change based on your work experience and your client’s location. Earnings potential increases with more experience, <a href="https://www.skydo.com/blog/top-14-productivity-tools-for-freelancers-to-optimise-workflow?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">productivity</a>, and international clients.

Key Factors Influencing Freelancing Earnings

There is not one fit-for-all earnings in a freelancing career. Key factors influencing freelance income are-&nbsp;

Understanding how these factors interact can empower freelancers to position themselves in the market strategically.&nbsp;

According to a <a href="https://pubs.payoneer.com/docs/2020-gig-economy-index.pdf">Payoneer report</a>, India saw a 46% increase in new freelancers from Q1 to Q2, 2020. Since then, the growth in the freelancing economy has been on the rise.

Studies project a sustained upward trajectory, propelled by factors like the rise of online marketplaces, advanced collaboration tools, and the shifting attitudes toward remote work. The freelance economy is no longer niche; it's a pivotal force shaping the future of work.

Freelancers commonly adopt various payment structures depending on the services they offer and the industry they provide them. The payment schedules include the following types.&nbsp;

While these provide flexibility, freelancers often wrestle with inconsistent income. Finding freelance work is an ongoing process and needs dedicated time and energy. Additionally, many freelancers are unaware of money owed to them from <a href="https://www.settlemate.io/blog/what-is-class-action-lawsuit">class-action lawsuits</a>; tools like Settlemate can help recover these overlooked funds. Self-management and financial planning become crucial skills to navigate the ebb and flow of projects.

According to <a href="https://revolancer.com/magazine/freelance-industry-trend-predictions/">Revolancer</a>, more professionals are expected to turn to full-time freelancers. It would get difficult for part-time freelancers to continue at the same pace as earlier with employers wanting employees to return to the office increases

The growing demand for remote talent, along with the benefits of flexibility and autonomy, has the potential to increase freelancer earnings. Beyond income, freelancers cite job satisfaction stemming from a balanced work-life dynamic and the opportunity to engage in diverse and meaningful projects.

Upwork suggests blending AI and personal expertise in your freelancing career. In 2024, individuals must accept the change and not perceive it only as a challenge. It can potentially improve a freelancer’s income with more quality work.

Freelancer earnings in 2024 are shaped by individual circumstances and efforts. The key lies in understanding the factors influencing earnings, staying informed about industry trends, and continually honing skills. As you contemplate the potential of freelancing, delve into specific professions, conduct thorough research, and plunge into a world of limitless possibilities.

For Indian freelancers seeking community, courses, and tools, here are some valuable resources:

You can also join online communities of Upwork, Fiverr, Hubspot, and the like. Explore these resources to enhance your freelancing journey and unlock your full potential.

Q1. How much a beginner freelancer can earn in India?

Ans: As a beginner, you can expect to earn ₹1,20,000 lakh per annum in India, according to <a href="https://www.ambitionbox.com/profile/freelancer-salary">Ambitionbox</a>.

Q2. What are the biggest challenges of freelancing in India?

Ans: A few common challenges of freelancing in India include-

Q3. How much can a freelancer earn in India?

Ans: Your freelancing earning depends on your experience level, skillsets, offerings, and dedicated time. According to <a href="https://www.ambitionbox.com/profile/freelancer-salary">Ambitionbox</a>, the average annual salary of a freelancer in India is ₹7,20,000 lakh per annum.

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As Indian businesses expand globally, managing payments in multiple currencies has become more than just a convenience; it’s a competitive edge.

Whether you're an exporter billing clients in USD or a SaaS company offering subscriptions in EUR and GBP, a multi-currency account can simplify how you receive, hold, and manage your international earnings.

But what exactly is a multi-currency account? And why is it becoming essential for modern Indian businesses?

A multi-currency account (sometimes called a foreign currency account or international account) lets individuals or businesses receive, hold, and send money in multiple currencies from a single platform.

Unlike traditional bank accounts that immediately convert foreign currency to INR (often with heavy fees), multicurrency accounts let you:

For example, if you have received payment from an international client from the US in USD, you can hold the payment in USD in your multi-currency account. If you have to pay a client in USD, you can use the current funds for direct payment without converting your local currency to USD.

Some multi-currency accounts come with additional features which can help in increasing the return potential. For example, some multi-currency accounts may offer interest on the balances held in different currencies, while some may offer access to foreign exchange markets.&nbsp;

Which Currencies Can I Hold in a Multi Currency Account?

The accepted currencies in a multi-currency account range between 30-200, depending on the financial institution. However, a multi-currency account facilitates, at minimum, transacting in the following currencies.

Benefits of Multi-Currency Accounts for Indian Businesses

1. Save More by Converting When It Makes Sense

A big perk of a multi currency account is that you don’t have to convert money right away. You can hold on to your earnings in USD or EUR and convert them when the exchange rate is better. Over time, this can add up, especially compared to traditional bank accounts that charge ₹750–₹1000 per transaction just to convert your money.

2. Lower Fees, Less Money Lost in Conversion

If you’re dealing with international payments regularly, small fees can eat into your income. A multi currency bank account typically charges much less in conversion fees compared to regular methods, and that means you keep more of what you earn.

If you’re getting paid in different currencies, tracking it all can be messy. A multi currency account in India helps you keep everything in one place—whether it's dollars, euros, or pounds. That makes your bookkeeping and accounting a lot less painful.

When payments don’t need to go through currency conversion each time, they move faster. A multi currency bank account can help you get your money sooner, without the usual back and forth or waiting around.

Having a multi-currency account can make your business feel more established, especially to international clients. It shows that you're set up to work globally, which builds trust from the start.

6. A Smoother Experience for Your Clients

Getting paid should be easy, for you and for your clients. A multi currency account lets your clients pay in their own currency, which feels more familiar and hassle-free on their end.

7. Helps You Pay International Partners More Easily

Whether you’re working with vendors, freelancers, or service providers abroad, being able to pay them quickly, in their own currency, goes a long way. A multi currency account in India makes this part of the job feel a lot less complicated.

How Can You Get a Multi Currency Account in India?

Most leading banks in India, including HDFC, DBS, HSBC, and others, offer multi currency accounts. However, today, fintech platforms are truly leading the way with multi currency accounts right now. Platforms like Skydo, Wise, Stripe offer mutli currency accounts, enabling businesses to manage their income and payments in multiple currencies. Here's why FinTech-led multi-currency accounts have an edge over multi currency accounts offered by traditional banks:

When deciding where to open your account, carefully assess factors like fees, services, and customer support from each institution. Additionally, ensure that the chosen account supports the currencies relevant to your usage.

Who Is Qualified for a Multicurrency Account?

You must be 18 and above to open a multicurrency account, and certain accounts are restricted to residents of specific countries. Meeting minimum balance requirements may also be necessary. Some multi-currency accounts cater to businesses or high-net-worth individuals, imposing relatively high minimum balance criteria.

Potential beneficiaries of multicurrency accounts include the following.

Final Thoughts: Why a Multi-Currency Account Isn’t Optional Anymore

If you work with international clients—whether you're a growing exporter, a SaaS founder, or a freelancer—sticking to traditional bank transfers or high-fee platforms like PayPal or SWIFT is holding you back.

A multi-currency account in India isn’t just a nice-to-have anymore—it’s a core tool for doing global business right.

In short: A good multicurrency bank account puts you in control of your money, your timelines, and your global growth.

Looking to switch? Skydo offers multi-currency accounts tailored to Indian businesses and freelancers, with no forex markup and fast settlements.

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Professional Tax is governed and levied by the respective state governments' professional tax acts. The amount you owe in taxes varies based on factors such as income, the nature of the profession, and the state in which the individual operates.

Here is everything you need to know about PT as a <a href="https://skydo.com/blog/freelancer-earning-potential-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer</a>.

If a person is salaried, the employers are responsible for deducting the professional tax amount directly from the salary. However, the government requires professionals such as <a href="https://www.skydo.com/blog/top-5-new-age-freelance-services-going-to-take-off-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancers</a> to pay the P tax directly to their state government. Professional tax meaning is not based on income but rather on the nature of the profession or employment. It is meant to contribute to the state's revenue and development. The professional tax differs from other types of taxes mentioned below.&nbsp;

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Here is the basic structure of professional tax in India.

Calculate your Professional Tax Liability

<a href="https://vakilsearch.com/professional-tax-registration/how-professional-tax-calculated">Professional tax liability</a> depends on a freelancer's state of operations and earnings. However, irrespective of these two factors, the professional tax limit is Rs 2,500 for a month.

Here is the process of how to calculate professional tax on salary or earnings.