Note: This question is best answered by a tax expert or CA.
If you are a resident of India, then your income earned is taxable. There are specific exceptions to this. The information you provided does not indicate any possible exceptions for you.
Again, this is best answered by a tax expert. I am not qualified to provide tax advice.
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I have worked as a freelancer before and eligible to answer this one. I filed my return under section 44 ADA using form number ITR4S. Section 44ADA is available only for certain professions. Please see this answer that I posted on Quora Subodh Malgonde's answer to How, when and which taxes to pay in India as freelancers?
The tax will depend on how you calculate your taxable income. This will depend on which income tax return form you choose to file under - ITR 1, ITR 2, ITR 4S etc. It will also depend on if you have any other income (rent, capital gains, salary etc).
As a freelancer you may be eligible to file a return under section 44ADA. With Rs 10 lakhs of annual income and section 44 ADA (return has to be filed under ITR 4S) then you may have to pay very little or no tax. However I am not sure if a sole proprietorship is eligible to file return under section 44ADA. It is best to consult a CA.
Sachin Shah is a 30 year old Senior Software Engineer, working at an IT services company in Bengaluru. He and his wife want to plan for their retirement and also want to save for their child's education, wedding and for buying a car.View Case Study