Here are the basic I-T accounting records a freelancer should keep

If a freelancer is into certain specified professions, he'll need to maintain books of accounts as per Rule 6F if his gross receipts exceed Rs 150,000 in any of the 3 immediately preceding years

If you are a freelancer, you enjoy the flexibility that comes with your work culture. However, the Indian Income Tax laws mandate that freelancers also account for their income and expenses in connection with their work. The law requires you to maintain books based on your revenue, income and assets. Let's go a little deeper to understand what records a freelancer needs to maintain and exemption if any that he enjoys.

1. A freelancer into a specified profession

If a freelancer is into certain specified professions prescribed under the law viz. legal, medical, engineering, architectural, accountancy, Company secretary, Technical consultancy,