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.
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.