There is not much information directed at freelancers (from India) on how to do Income Tax Computations. So, I have put together this ebook so as to enable a freelancer to make an informed start at handling Income Tax Issues.
Freelancing is fondly referred to as “extra income” for reasons galore. Some want their hobby to pay for itself, while for someone else, it is about “test the waters” before taking the big-decision. But, that is beside the point. The point is – Income From Freelancing Is Indeed An INCOME, however small / marginal. And, “Any income derived by way of freelancing job is taxable under the provisions of Income Tax Act. 1961 as “Profits and Gains from Business / Profession”.
As a freelancer, not all of us have the affordability of hiring a CA… not to mention the fact that… we freelancers are wary of disclosing our income sources to someone else, unless the person is family, or, a very very very very trusted friend. Eventually, that leaves us to ourselves to do our taxes and do the paper work…
Freelancing is fondly referred to as “extra income” for reasons galore. Some want their hobby to pay for itself, while for someone else, it is about “test the waters” before taking the big-decision. But, that is beside the point. The point is – Income From Freelancing Is Indeed An INCOME, however small / marginal. And, “Any income derived by way of freelancing job is taxable under the provisions of Income Tax Act. 1961 as “Profits and Gains from Business / Profession”.
As a freelancer, not all of us have the affordability of hiring a CA… not to mention the fact that… we freelancers are wary of disclosing our income sources to someone else, unless the person is family, or, a very very very very trusted friend. Eventually, that leaves us to ourselves to do our taxes and do the paper work…
