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.

Add Comment
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 6 days ago.

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.

6 days ago.
Add Comment