Income from Job + Freelance Work

Hello, I have an IT job and plus doing/getting free lancing from America. I am in 30% salary bracket, so How should I pay Taxes for my Freelance work. I heard something about – “Presumptive Income Tax Scheme” can I use it? Thank you for the help.

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1 Answer(s)

Hello Ms Richa

You can sum up your Freelancing Income and  expenditure. Under presumptive Income you need to pay tax on 50% of Gross revenue generated. More important is now GST where you are doing export of services, so you need to take indirect tax registration.

TaxIQ Answered on January 12, 2018.

Thanks for the reply. So the situation is – I am working in IT with 30% taxable salary bracket. Now I am also in parallel working as a freelancer for US and taking work. My employer is deducting my 30% tax as per my salary. The question is how should I pay my taxes for the freelance work? Will that be 1- presumptive tax scheme 2- 30% on my freelance income or 3. GST? Please help. Thank you.

on January 12, 2018.
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