KNOW THE BASICS
TAXES & CONTENT CREATORS | In-Short
The Revenues Streams
As a content creator you have multiple revenue streams including Ad revenue, Brand Integrations, Merch Sales, Course Sales, Affiliate Income and a few general others.
3 TAXES | GST, IT & TDS
While we try to understand the Tax implications on you, first understand you will have impact of 3 Taxes moslty.
To explore more and read more you can go to blogs.
GST
On different streams of revenue you have to pay GST at applicable rates on each of the item. You also have to Issue Invoice, Maintain proper records as per Rules & so on. Doing proper compliances is not only for Rules but will also save you GST & hassle when served Notices by Authorities.
Income Tax/ Corporate Tax
On the Income what you have, you have to pay taxes to the government at slab rates starting from 10% to 30% roughly. Theere are different types of entities in India like Company, Partnership or Sole Proprietorhisp each will have its own Pros & Cons.
Contrary to major beleif that Company requires higher compliances, it can be very effective for saving hefty taxes and protecting your assets.
TDS
On the income what you earn the payer may deduct TDS at different rates depending upon the Nature of the transaction. As a creator we should make sure that the TDS is deducted at right rates and we should track it. We can claim it back as refund from the government if timely taxes are filed.
What to Take care of:
GST
TDS Refunds & Tracking
Income Tax
For your different revenue streams viz Ad income, Brand Integrations, Merch Sales, Affiliate income, Course sale etc.
We handle GST Compliances right from
- GST Registration,
- GST Returns filings,
- GST Rates,
- Scope for Refund of GST,
- Strategies to save GST and
- Paper work which would ensure you are all going by the rules.
Income Tax
TDS Refunds & Tracking
Income Tax
The Income Tax can go as high as 30% in India. Although with effective stragies Lakhs can be saved.
We will help you with:
- Filing of Income Tax Returns
- Income Tax Reduction Planning
- Determining the Taxable Income
- Advance Tax Matters
- Income Tax Refunds
- Income Taxes on Investments & Personal taxes etc.
TDS Refunds & Tracking
TDS Refunds & Tracking
As a content creator many of the payments what you receive have the TDS deducted on them. Usually TDS is deducted at
- 2% or 10% for Brand Integrations
- 5% for Affiliate Income
- 0.1% on E Commerce Sales, etc.
We will get you refund of the TDS for the Tax deducted.
Do you know?
Most of the Content Creators do not track the TDS which has been deducted and lose on the refunds thereby.
Book-keeping
For almost every creator, it is important and mandatory to maintain the books of accounts. This help you determine the taxes, plan it and help you present the papers in case of department scrutiny.
Not maintaining books will result in violation under Income Tax & GST Laws both. & May be a real hassle when you are served with Inquiry Notices from Authorities, apart from Hefty penalties.
Invoicing solutions
Invoicing solutions
Be it Merch, Integration, Ad sense revenue, Affiliate, Courses sale or whatever.
For all of these invoice has to be issued in the format required under GST Law. We will help you with the solutions on how to generate the invoice which is as per rules.
Different sales are from different platforms and may require different invoicing solutions.
Entity structuring
Invoicing solutions
India has several entity strcuture options like Private Limited Company, One person company, LLP, Partnership firm Registered or Un-registered and Sole Proprietorship.
These all co-exist becuase one size does not fit all. Choosing right strcuture will save Lakhs in taxes, Compliances balance, Balanced Risk Exposure to your Personal Assets in case of bad days. Its like Insurance.