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 

RBI’s PACB Circular: OPGSP Update 2024 th

Sukanya

small_63d28e01c7be52004a161364_63987d13bf44087d0456fe79_XXH7GqWC6qRqLN3JiqBOdGeCCuj9zTvek48aXG9prsY.png

thumbnail_63d28e01c7be52004a161364_63987d13bf44087d0456fe79_XXH7GqWC6qRqLN3JiqBOdGeCCuj9zTvek48aXG9prsY.png

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. 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.

Freelancer Earning Potential: How Much Can Freelancers Earn in 2024 th

large_Freelancer Earning Potential: How Much Can Freelancers Earn in 2024 Th

medium_Freelancer Earning Potential: How Much Can Freelancers Earn in 2024 Th

small_Freelancer Earning Potential: How Much Can Freelancers Earn in 2024 Th

thumbnail_Freelancer Earning Potential: How Much Can Freelancers Earn in 2024 Th

Freelancer Earning Potential: How Much Can Freelancers Earn in 2024 Th

According to the <a href="https://allevents.in/mobile/amp-event.php?event_id=80002842633715">All Event</a> report, India has the 2nd largest number of freelancers after the USA. It is expected that freelancers will contribute to 50% of the nation’s workforce volumes and the market size is estimated to touch $25 billion by 2025.&nbsp;

With the concept 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> gaining popularity, economic uncertainty, and popular movements like “<a href="https://www.weforum.org/agenda/2021/11/what-is-the-great-resignation-and-what-can-we-learn-from-it/">The Great Resignation</a>” and “<a href="https://www.newyorker.com/culture/2022-in-review/the-year-in-quiet-quitting">Quiet Quitting</a>”, the freelance job search is competitive.

In this blog, you will get to know how to get freelance projects quickly.

Processes are fundamental to building a successful <a href="https://www.skydo.com/blog/transitioning-from-full-time-job-to-full-time-freelancing">career in freelancing</a>. It helps consistently get freelance jobs. A few steps to follow while searching for a freelance job include the following.

Step 1: Building Your Lead Machine (Every Day!)

If you are consistently thinking about how to get a freelancing project, you must create a lead generation machine. Here’s how.

By curating a collection of high-quality job boards, you create a routine that ensures a steady inflow of potential opportunities. Regularly updating this folder becomes a habit that pays dividends over time. You can use tools like <a href="https://www.notion.so/">Notion</a>, <a href="https://evernote.com/">Evernote</a>, or even <a href="https://www.microsoft.com/en-in/microsoft-365/excel">Microsoft Excel</a> to keep track of all your potential leads.

Aim to bookmark at least five new opportunities each day, totalling 20 by the end of the week. You can filter listings for freelance, remote, part-time, and contract projects. This approach ensures a steady and manageable flow of potential gigs, allowing you to stay engaged with <a href="https://lazyapply.com">your job search </a>without feeling overwhelmed.

Based on your field of interest, you can sign up on various job boards like LinkedIn to find freelance work. You can also explore online job websites like <a href="https://www.upwork.com/">Upwork</a>, <a href="https://www.upwork.com/freelance-jobs/elance/">Elance</a> (now merged with Upwork), and <a href="https://www.fiverr.com/">Fiverr</a> for additional freelance work. A few other websites are listed below.

Step 2: Research Leads Like a Detective (Before Emailing!)

Sending generic emails to potential clients fails to capture their attention and reflects poorly on your professionalism.&nbsp;

It’s important to research the company, its needs, and the person you are about to pitch. Here’s why.

You can implement the following methods to conduct deep research.&nbsp;

Step 3: Emailing Like a Problem Solver (Not a Salesperson!)

Clients are bombarded with sales pitches daily. To stand out, position yourself as a problem solver – someone genuinely invested in addressing their specific needs. This approach sets you apart and establishes a foundation for a more authentic and mutually beneficial collaboration. Key elements that you can use in your email script are-

After sending the initial email, follow up twice a week to maintain momentum. Craft concise follow-up emails that reiterate your interest, provide any additional information if needed, and suggest alternative meeting times. Persistence, combined with professionalism, can significantly increase your chances of getting a response.

Bonus: Consistency is Key - It's a Marathon, Not a Sprint!

Consistency is the unsung hero of freelancing success. Set aside dedicated time each day for your lead generation system, even when your schedule is packed. Whether it's 15 minutes or an hour, commit to daily tasks. Consistency builds momentum, and momentum is the key to sustained success.

<a href="https://www.linkedin.com/in/ankit-agarwal-a1608015a?utm_source=share&amp;utm_campaign=share_via&amp;utm_content=profile&amp;utm_medium=android_app">Ankit Agarwal</a>, a Top-rated Plus freelancer on Upwork credits consistency on the platform for bagging his first-ever freelance job and quickly getting them ever since.

The personalised email script is a powerful tool with a high response rate, but it's not a guaranteed golden ticket. Every client and situation is unique. Be prepared for various responses, and use each interaction as an opportunity to learn and refine your approach.

Common Mistake: Targeting Dream Clients Who Aren't Ready

Time and energy are crucial to finding freelance work. It’s always better to target a readily convertible client than your dream client who isn’t ready to avail of your services. Avoiding this common mistake can initially help you do more focused work and build your name in the industry rather than following up with a dream client who isn’t ready for you yet.

The thumb rule to follow to get freelancing projects is to set processes and stick to them. To keep getting freelance work easily–

Freelancing is not just about finding work; it's about creating opportunities, building relationships, and showcasing your unique value in the marketplace. Embrace the process, stay committed, and watch your freelance career flourish. The path to success begins with a single step – take it today!

Q1. What is the easiest freelance job to get?

Ans: Getting any freelance job is not easy and requires consistency. According to <a href="https://revolancer.com/magazine/easiest-freelance-jobs-for-beginners/">Revolancer</a>, a few easy, beginner-friendly jobs are

Q2. Which skill is in demand in freelancing?

Ans: According to an <a href="https://www.upwork.com/press/releases/upwork-unveils-most-in-demand-skills-for-independent-professionals-in-2023">Upwork report</a>, the most in-demand skills in freelancing include sales and business development, data entry, accounting and 3D animation.

Q3. How do I find my first freelance job?

Ans: To find freelance work,&nbsp;

large_How to Find Freelance Job Quickly th

medium_How to Find Freelance Job Quickly th

small_How to Find Freelance Job Quickly th

thumbnail_How to Find Freelance Job Quickly th

How to Find Freelance Job Quickly th

For enterprises catering to a diverse global clientele, selecting an appropriate international payment gateway is essential. Such payment solutions streamline operations significantly by eliminating the need for a physical account in each country.&nbsp;

Furthermore, it provides accurate currency conversions, ensuring you receive payments in your preferred currency.

However, with numerous options in the market, selecting the right one requires thoughtful consideration. Here are the five best expert-picked payment solutions and things to consider before choosing the right one for your business.

Skydo is a modern international payment gateway that simplifies <a href="https://www.skydo.com/blog/skydo-cross-border-payment-challenges?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cross-border B2B payments.</a> It cuts foreign exchange charges by over 50%, making global transactions more cost-effective.

Through collaborations with leading banks worldwide, Skydo provides businesses with <a href="https://www.skydo.com/features/international-accounts">virtual foreign accounts,</a> eliminating tax and compliance complexities.&nbsp;

They offer real-time currency conversion at the live FX rate, free from markups, and a straightforward flat fee of just USD 19 for transactions up to USD 2000 and USD 29 for transactions above USD 2000 to USD 10000.

With a swift <a href="https://www.skydo.com/blog/a-quick-guide-to-using-the-skydo-platform?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">5-minute onboarding process</a>, Skydo prioritises efficiency.&nbsp;

Businesses opting for Skydo find advantages in reduced foreign exchange charges, transparent pricing, and a user-friendly platform for seamless cross-border transactions.

2. <a href="https://wise.com/in/">Wise&nbsp;</a>

<a href="https://www.skydo.com/blog/top_5_wise_alternatives_for_international_payment">Wise</a> is a prominent financial technology company specialising in international money transfer services. Through their platform, individuals and businesses can conduct cross-border transactions at more advantageous exchange rates.

The fee varies based on the currency. Typically, Wise charges around <a href="https://wise.com/in/pricing/">30.69 USD</a> for a 1000 USD transaction.

3. <a href="https://www.skydo.com/blog/payoneer-payment-gateway-features-fees">Payoneer</a>

<a href="https://www.skydo.com/blog/best-alternative-to-payoneer?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Payoneer</a> is a global financial services company offering online money transfer and digital payment services. Its mission is to simplify cross-border transactions, providing businesses and professionals with a seamless way to send and receive funds on an international scale.

Their transaction fees include a 2% foreign exchange markup per transaction.

4. <a href="https://www.salt.pe/">Salt.pe</a>

Salt.pe, a startup headquartered in Bengaluru, is dedicated to simplifying cross-border payments for Indian businesses. They enable Indian enterprises to receive payments from abroad effortlessly by providing local account details in seven foreign currencies: USD, GBP, EUR, HKD, AUD, SGD, and CAD.

Salt.pe applies a flat fee of <a href="https://www.salt.pe/paypal">1.75% per transaction</a>.

5. <a href="https://www.paypal.com/">Paypal</a>

<a href="https://www.skydo.com/blog/top-paypal-india-alternatives-for-international-payment">PayPal</a> is a popular online payment platform that ensures secure financial transactions for users engaging in digital purchases, fund transfers, and receipt of payments.

PayPal applies a <a href="https://www.paypal.com/in/webapps/mpp/paypal-fees">transaction fee of 4%</a> of the transaction amount, with a fixed cost determined by the received currency. Furthermore, for transfers out of PayPal, they impose an additional 3.0% above the base exchange rate, with other associated merchant fees.

These solutions solve payment problems that you may currently have. But which one should you choose?

Things to Consider When Choosing Your <a href="https://www.skydo.com/blog/choose-international-payment-gateway-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Payment Solution</a>

For each processed transaction, payment solutions typically apply fees that vary based on payment method, transaction volume, and currency conversion.

It's crucial to compare transaction fees and rates across various payment gateways to identify the optimal choice for your business.

Select a payment solution that accommodates your customers' preferred payment methods like debit cards, credit cards, bank transfers, and currencies prevalent in your business's target markets.

3. Integration and seamless user experience

Prioritise a solution that depicts user-friendliness, ensuring a seamless and intuitive payment process for your valued customers.

This strategic choice enhances operational efficiency and contributes significantly to a positive customer experience.

Evaluate how well your payment partner delivers customer support. Swift and effective support is vital, especially when dealing with technical issues or resolving disputes.

The optimal global payment solution is a cornerstone for achieving operational excellence and fostering positive customer experiences.

Achieving a customised fit requires a deep dive into particulars such as transaction fees, supported payment methods, and the quality of customer support.

If you are searching for a payment solution, understand your and your customer’s payment needs, conduct comprehensive research, and make informed decisions. This approach ensures the integration of a solution that precisely aligns with your distinct requirements.

Q1. What are the biggest differences between the fees and exchange rates offered by these platforms?

Ans. Differences in fees and exchange rates exist across international payment gateways. It's essential to compare them, considering some may have lower transaction fees but less favourable exchange rates, while others might offer competitive rates with higher fees. Transparent fee structures should be a priority, as well as an understanding of any hidden charges.

Q2. Is there a minimum or maximum amount I can send/receive through any of these platforms?

Ans. Yes, most platforms have transaction limits. RBI's <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">Operational Guidelines for Payment Gateways and Payment Aggregators (OPGSP)</a> may stipulate a transaction limit of USD 10,000 per transaction. Ensure that the payment gateway adheres to these limits, providing flexibility for your business's financial requirements.&nbsp;

Q3. Can I integrate any of these platforms with my existing accounting software?

Ans. Many international payment gateways offer integration with accounting software like QuickBooks or Xero. Integration options vary. Thus, checking compatibility and available features is wise.

Direct plugins or APIs can automate transaction tracking, reconciliation, and reporting, enhancing efficiency and reducing errors. Ensure your chosen platform seamlessly integrates with your existing accounting software for a cohesive financial management system.

5 Best Global Payment Solutions for International Payments in 2024 th

large_5 Best Global Payment Solutions for International Payments in 2024 th

medium_5 Best Global Payment Solutions for International Payments in 2024 th

small_5 Best Global Payment Solutions for International Payments in 2024 th

thumbnail_5 Best Global Payment Solutions for International Payments in 2024 th

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;

mediaLibraryStrapi

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.

To minimise your professional tax burden as a <a href="https://www.skydo.com/blog/top-10-freelancing-truths?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer,</a> leverage deductions and exemptions available in your location. Here are some deductions and exemptions that freelancers can utilise:&nbsp;

You can use various accounting software or apps, such as <a href="https://khatabook.com/?utm_source=google&amp;utm_medium=search_ads&amp;utm_campaign=brand-gen_kw&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJhfwyGzRw85xwgamLcwna0oixY1MjScYAHjtZdAMqNRewwPZ1LRiqxoCVp8QAvD_BwE">Khatabook</a>, <a href="https://open.money/automated-accounting?utm_term=accounting%20automation&amp;utm_campaign=IYD_AP_Automation&amp;utm_source=google&amp;utm_medium=ppc&amp;hsa_acc=9660999868&amp;hsa_cam=20910601824&amp;hsa_grp=163502573492&amp;hsa_ad=689290766627&amp;hsa_src=g&amp;hsa_tgt=kwd-300068243667&amp;hsa_kw=accounting%20automation&amp;hsa_mt=p&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJoBtiurqa_a2MAgb-mcQBj-Ab196-Oe822q4DWHxHHuVZ4XjCLSZORoC_0cQAvD_BwE">Open Money</a>, <a href="https://tallysolutions.com/download/#gref">TallyPrime</a>, etc., to keep track of your expenses. Furthermore, it is wise to regularly reconcile your financial records to ensure accuracy and identify potential deductible expenses.

Certain freelance professions or industries may be subject to specific taxes or regulations beyond professional tax and income tax. For example, online content creators, such as bloggers, YouTubers, and influencers, may need to comply with digital services taxes or regulations specific to online advertising revenue.

Hence, consulting a tax advisor or <a href="https://www.skydo.com/blog/top-online-communities-you-should-join-as-a-freelancer-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">researching extensively</a> is important to know your compliance and taxation liabilities. You may also <a href="https://www.skydo.com/blog/how-to-file-gst-monthly-and-quarterly-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">have to register for GST</a> if your annual income from freelancing is above Rs 20 lakh.

Proactively managing your professional tax obligations <a href="https://www.skydo.com/blog/importance-of-fira-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">as a freelancer</a> can minimise tax burdens and avoid potential penalties or legal issues. Moreover, seeking professional advice from tax consultants or accountants can provide invaluable guidance tailored to your specific circumstances.

For further resources on freelancing, you can read <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo’s</a> <a href="https://www.skydo.com/blog?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">blogs</a> and open a free virtual currency account if you receive<a href="https://www.skydo.com/blog/how-do-you-receive-a-foreign-remittance-in-a-savings-account?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link"> foreign remittances.&nbsp;</a>

Professional Tax for Freelancers in 2024 th

large_Professional Tax for Freelancers in 2024 th

medium_Professional Tax for Freelancers in 2024 th

small_Professional Tax for Freelancers in 2024 th

thumbnail_Professional Tax for Freelancers in 2024 th

<a href="https://www.skydo.com/blog/set-up-your-freelance-international-bank-account-in-just-5-minutes?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Banking operations</a> previously required visiting branches. Today, they are being heavily digitised, as users want to have access to banking services instantly through their mobile phones or laptops.

A new player has emerged on the financial scene – the Neobank. With their <a href="https://www.skydo.com/blog/the-impact-of-open-banking?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">innovative approach to banking</a> and emphasis on digital-first solutions, neobanks are revolutionising the banking sector.

Neobank meaning or neo banking meaning refers to fintech (financial companies backed by tech) that carry out operations similar to banks but are entirely digital and rarely have physical branches.&nbsp;

Neobanks invest heavily in creating a digital-first banking system to provide <a href="https://www.skydo.com/blog/checklist-to-get-the-right-bank-for-your-export-service-firm?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cutting-edge financial services</a> similar to any other traditional bank.&nbsp;

Neobanks are not directly governed and regulated by the RBI but have various banking partners such as HDFC, ICICI, and Axis Bank to assist them in providing financial services through their banking infrastructure and channels.&nbsp;

Neobanks offer banking services such as savings accounts, checking accounts, payment processing, money transfers, and sometimes lending services entirely online.&nbsp;

Neobanks leverage technology extensively to provide a seamless and convenient banking experience. They often incorporate advanced features such as instant money transfers, automated budgeting tools, personalised financial insights, and round-the-clock customer support through chatbots or online messaging.

Here is how you can open a Neobank account online.

There are more <a href="https://www.startuphrtoolkit.com/neobanks-in-india/">than 20 neobanks in India</a>. Thus, comparing them on their cost structure and services is important.&nbsp;

Download the mobile app of the neobank or visit their website to start the account registration process. You will have to provide personal details such as name, date of birth, address, email, phone number, and identification proofs such as PAN or Aadhar. Then, choose the type of account you want to open.&nbsp;

Once you have submitted the account opening application, the neobank verifies the provided information. After successful verification, they set up the account.&nbsp;

Step 4: Confirmation and Activation&nbsp;

Once all steps are completed, you will receive confirmation that your account has been successfully opened. You may need to activate your account by following the instructions provided by the neobank, such as verifying your email or phone number.

Some common features offered by the best neobanks in India include the following.

For a better understanding of neo-banking meaning, here are the pros and cons of neobanks.

India has numerous neobanks that offer their services with unique banking features. Here are the top <a href="https://www.startuphrtoolkit.com/neobanks-in-india/">10 popular neobanks examples in India</a>.

Neo banking services offer a compelling alternative to traditional banking, with a host of potential benefits and considerations for users to weigh. On one hand, the convenience, accessibility, and transparency of neobanks make <a href="https://www.skydo.com/blog/get-real-time-insights-for-analyzing-freelance-financial-goals?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">managing finances </a>easier and more efficient than ever before.

However, it's essential for users to also consider the limitations of neobanks, such as the lack of physical branches, the relative newness of some players, and concerns about data privacy. By weighing these factors carefully and understanding their individual banking needs and preferences, users can decide whether neobanks are the right fit for them.