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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Technology has been evolving to make global payments easier, but it comes with a complex web of intricate systems. While many of these payment systems are technically innovative, they don't always offer the intuitiveness and simplicity that users need. This can be especially overwhelming for businesses trying to keep up with the pace of a rapidly changing global economy.&nbsp;

Naturally, you’d want a payment solution that prioritizes user experience, is technologically advanced, intuitive, and tailored to the unique challenges of cross-border transactions. Skydo simplifies the process, making international payments easier, more streamlined, and creating a <a href="https://www.skydo.com/blog/skydo-cross-border-payment-challenges?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">user-centric cross-border transaction</a> experience.

Introducing Skydo: A new era of International payments

Skydo is revolutionizing international business payments with its innovative approach. You can now receive payments from all over the world quickly, easily, and securely with Skydo's simple and cost-effective solutions.

With <a href="https://www.skydo.com/blog/get-the-most-out-of-your-forex-savings-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">live foreign exchange (FX) rates</a>, zero margins, and a uniform flat fee structure, you can rest assured that all transactions are transparent, fair, and cost-effective. No more costly or cumbersome bank processes.

Say goodbye to the complexities of currency conversion with Skydo! Our platform is designed to provide businesses with easy-to-use tools and features that offer the utmost clarity and convenience. You can accurately convert currencies quickly and effortlessly.

Comparing Skydo with Traditional Alternatives

Dive into Skydo for Your International Payment Needs

As the world becomes more interconnected, traditional financial systems are struggling to keep up with modern demands due to their multiple platforms and hidden fees. Skydo is the perfect solution for businesses looking for a reliable way to send money across borders.

Take the leap with Skydo and experience firsthand the future of global transactions. With simplified and efficient solutions, Skydo is perfect for any business, Don't let yourself get tangled in the complexities of traditional finance – explore <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> to unlock your full potential today.

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In the world of IT exports, success hinges on more than just delivering cutting-edge technology solutions. It requires a keen understanding of your customer insights, their behaviours, and their value to your business. The age-old adage, "knowledge is power," holds stronger than ever in this context. Extracting this information requires asking certain questions.

1. Do you know who your top customer is?&nbsp;

The answer may seem straightforward, but it rarely is. Often, businesses have a general idea of their most significant revenue source, but it is the nuances that truly matter.

2. Do you really know if your top customer is also the most regular paying one?

Consistency in revenue streams is vital for sustainable growth. Recognising your top customer is one thing, but understanding their payment habits, loyalty, and potential for long-term partnership is another.

3. How has the mix of your top 5 customers changed over the past few months?

The landscape of IT exports is dynamic, and customer preferences can shift rapidly. Tracking these changes helps stay ahead of the curve and optimise your business analytics and strategy.

The key to answering these questions and driving success in the <a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">IT export industry</a> lies in data-driven business decisions backed by Customer-Level business analytics. Imagine having a comprehensive view of each customer's contribution to your revenue, their payment patterns, and their evolving importance to your business. Skydo’s payment platform provides these insights amongst its many robust features.

The Client overview offers a treasure trove of insights that can revolutionise your IT export business.

Let's explore the advantages of customer-level revenue analysis and how <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> can help your business thrive through data-driven decisions.

How Skydo Helping Businesses With Customer-Level Revenue Analysis

Skydo enables you to derive distinct customer segments based on revenue data. This customer segmentation provides invaluable insights into who your high-value customers are and where your growth opportunities lie.

For instance, you may discover that a significant portion of your high-value customers are young entrepreneurs residing in the US who frequently purchase your premium line of services. Armed with this knowledge, you can tailor marketing campaigns specifically for this segment, ensuring you maximise your ROI.

#2: Analysing historical revenue data for patterns and trends

Skydo also delves into historical revenue optimisation to uncover patterns and trends. With this powerful tool, you can detect seasonality, growth trends, and anomalies in your revenue streams.&nbsp;

For instance, let's consider a software company, TechSolutions Inc., using Skydo to analyse historical revenue data. They discovered that their sales consistently spiked during the holiday season, helping them strategically plan marketing campaigns and allocate resources for maximum impact.

Moreover, you can calculate the average payment date for each customer's insights based on their payment history, ensuring better cash flow management.&nbsp;

Personalisation is the name of the game in modern marketing, and Skydo helps you excel in this area.&nbsp;

Imagine this scenario: Skydo's data reveals that a specific group of customers consistently generates the highest revenue for your business. Armed with this knowledge, you can craft marketing campaigns specifically designed to resonate with this high-value customer segment. Your messages will be more targeted, relevant, and impactful, increasing the likelihood of customer engagement and loyalty.

This means you can target high-value customer groups with precision, resulting in more effective and efficient marketing campaigns that drive opportunities for up-selling, leading to more revenue growth.

You can pinpoint key contributors to your company's success by delving into individual client-level revenue data. This granular insight empowers your marketing and customer success teams to nurture these relationships strategically. You can tailor your marketing efforts to the preferences of your top clients based on customer behaviour analysis, ensuring that they feel valued and understood.

#5: Mitigating Risk and Planning for Growth

Customer-level revenue analysis allows you to detect potential risks by analysing revenue trends. For instance, you can identify clients who consistently reduce their spending or have not made purchases in a while.&nbsp;

By spotting these red flags early, you can proactively address issues with these clients and prevent revenue loss. This risk mitigation strategy is essential for maintaining a stable financial foundation.

Businesses can thrive in a competitive market with customer-level revenue analysis tools. Skydo payment platform offers more for global businesses. <a href="https://www.skydo.com/blog/an-indian-tech-exporter's-journey-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">From creating and sending invoices and receiving foreign payments</a> smoothly to revenue analysis, Skydo makes the entire export business process seamless for you.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Get in touch with Skydo today</a> to harness the power of customer-level revenue analysis and get your international payments effortlessly!

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Earlier, employees tired of working a 9-to-5 job often turned to one of the three: IAS, MBA, or Startup. However, with the rise of the gig economy, you may want to start freelancing to earn a side income or transition to being your own boss.

According to the World Bank, nearly <a href="https://explodingtopics.com/blog/freelance-stats">47% of workers</a> worldwide work as freelancers. Even the global freelance platform market will reach $9.19 billion by 2027.

While the freedom of working from anywhere, setting your own prices, pursuing your passion, and having more control over your life is good, it also comes with irregular income, lack of benefits, isolation, competition, and uncertainty.

This article will guide you through the steps and tips for successfully transitioning from a full-time job to a full-time freelancing job.

Before quitting your full-time job and diving into freelancing, you must ask yourself some important questions.

These questions will help you evaluate your financial stability, professional credibility, competitive advantage, and market opportunity. If you answer yes to all of them, then you are ready to take the next step. If not, you need to improve these areas before making the transition.

Here are some tips on how to assess your readiness.

Once you have assessed your readiness, you must create a strategic plan that outlines your goals and objectives, defines your target market and niche, estimates your income and budgeting, and identifies potential challenges and solutions.

Here are some tips on how to create a strategic plan.

Have contingency plans and solutions for each challenge, such as having a backup client, using a project management tool, setting up a payment system, hiring a lawyer, etc.

Before you quit your job and start looking for clients, try to create your presence in the freelance world while working your full-time job.&nbsp;

Your online presence is your digital footprint that shows who you are, what you do, and how you can help your clients. It includes your freelance brand, professional website, social media profiles, portfolio, and testimonials.

Here are some tips on how to build your online presence.

Your freelance brand is how you present yourself to your clients. It includes your name, logo, tagline, mission, values, tone, etc. It should be consistent, authentic, and memorable.

You can create your brand on something as simple as your LinkedIn page. If you want something more elaborate, you can go for a website (like <a href="https://www.kaleighmoore.com/">this one</a> by Kaleigh Moore, a well-known freelance writer, which gives a clear idea of who she is, what she does, and how she can help clients grow).

Create or update your professional website

Your website showcases your services, portfolio, testimonials, contact info, etc. This means you use your website to display what you do, what you have done, what others say about you, how to reach you, and so on. A website can help you to–

Your social media profiles are where you connect with your clients, peers, and influencers. Use the platforms that suit your industry and audience.&nbsp;

For example, a B2B SaaS writer may find their ideal clients (SaaS brands) on LinkedIn, whereas a social media manager might find it easier to reach out to D2C brands on Instagram.&nbsp;&nbsp;

Showcasing your portfolio and testimonials

Your portfolio and testimonials show your potential clients or employers what you can do and how you have helped others in the past. They are essential for building trust and credibility and demonstrating your value and results.

For example, suppose you are a freelance web developer who wants to attract more clients. You could create a portfolio website that showcases your best work and testimonials from previous clients or employers.

Your portfolio website could include the following elements.

Here is an example of a portfolio website that follows these guidelines: <a href="https://www.lokkeestudios.com/">Lokkee Studios</a>&nbsp;

This is an extension of creating your presence, but here, you are more actively looking for people that you can work with. Networking and marketing are essential activities that help you find and attract clients for your freelance business. They involve reaching out to people who can help you grow your network, reputation, and income.

Here are some tips on how to network and market yourself:

Learn <a href="https://www.skydo.com/blog/how-to-find-high-paying-remote-jobs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">how to find high-paying remote opportunities here</a>.

Just finding clients and creating an income for yourself is not enough. Freelancers are responsible for managing their finances and taxes. You must keep track of your income and expenses, invoice your clients and collect payments, pay your taxes, comply with the law, and plan for your future.

Here are some tips on managing your finances and taxes:

As a freelancer, you can set your hours and schedules. However, you must also deal with multiple projects, deadlines, clients, and distractions. You must manage your time effectively and efficiently to deliver high-quality work and meet your goals.

Here are some tips on managing <a href="https://www.skydo.com/blog/implementing-effective-communication-practices-for-better-productivity?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">your time and productivity</a>:

Before you become a full-time freelancer, you need to have a roaster of study clients to sustain your income and grow your business. You must impress potential clients with your pitches and proposals, build rapport with them, navigate <a href="https://www.skydo.com/blog/global-negotiation-skills-for-tech-export-success?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">negotiations and contracts</a>, deliver high-quality work, and exceed their expectations.

Here are some tips on securing clients and projects:

For someone who doesn’t have to work a 9-5 anymore, the freedom that comes with freelancing might feel very liberating. But it can also be challenging to manage your time without external deadlines. As a freelancer, you can pick your projects, clients, and schedule. But you also need to be flexible, disciplined, and resilient.

Here are some tips on how to adapt to the freelancer lifestyle:

So, you now have the freedom to choose your projects and clients, but you also face uncertainty and stress. How can you cope with the ups and downs of freelancing?

Here are some tips on how to handle challenges and burnout:

Transitioning from full-time to freelancing can be challenging, and you must take care of yourself along the way. You have earned the right to reward yourself for your efforts and achievements, whether big or small.&nbsp;&nbsp;

Here are some tips on celebrating your milestones and successes:

Transitioning from a full-time job to full-time freelancing can be a rewarding and fulfilling career move. However, it also comes with its own challenges and risks.&nbsp;

To succeed as a freelancer, you must have a clear vision of your goals, a realistic plan of action, and a strong support network. You must also be prepared to deal with the uncertainty, isolation, and competition that freelancing entails.&nbsp;

Following the tips and advice in this blog can make the transition smoother and more enjoyable. Remember, freelancing is not for everyone, but it can be the best decision you ever make if you have the passion, skills, and mindset.

Q1. How can I assess if I'm ready to transition from a full-time job to freelancing?

Ans: Before making the leap, consider factors like having at least six months' worth of living expenses saved, a robust portfolio showcasing your skills, a diverse skill set, and a clear understanding of the freelance market and the demand for your services.

Q2. How do I evaluate my financial stability for freelancing?

Ans: Assess your financial stability by saving enough money to cover living expenses for at least six months. This financial cushion helps in case you don't secure clients or projects immediately.

Q3. How do I manage my finances and taxes as a freelancer?

Ans: Manage finances by setting up a dedicated business bank account, establishing a clear invoicing and payment process, and understanding self-employment taxes and obligations in your country or state.

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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.

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