I am currently employed by One MNC in Bangalore. I pay taxes for the salary I am earning. Now I want to Work as freelancer on weekends. I have already got a project. I want to know how to include tax for the revenue I get from freelancing?
If your income from from the freelancing is less than Rs 50 lakhs then you can file your taxes under section 44ADA (Presumptive Taxation Scheme or PTS). Please see these related Q&As
You will have to file your income tax return using the form ITR 4. If you have filed your income tax return under ITR1 (for salaried professionals) then you can easily file return under ITR4. The procedure and the forms are quite similar.
If you are eligible for PTS then you need to pay all your taxes by 15th March. These are the steps:
If your freelancing income is greater than Rs 50 lakhs then you will have to use ITR2. You will also have to get your books audited. It is best to consult a tax filing expert in this case.
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