1. Free operating income
Freelancing income goes into the picture when you are hired to work on certain part-time jobs and get paid for the job when you are completed and sent. You will not be a company employee or listed. You will not receive any benefits (such as PF) from the Company Law. You do not have to go to the office - in fact, you can complete the work comfortably (with a previously agreed deadline) at any convenient location. Any money you earn by demonstrating your intellectual or manual skills is income from work in accordance with the income tax laws of India. Such income will be taxable such as “Profit and Profit from Business or Professionalism”. Your total income will be the sum of all receipts you received while doing your job. Your bank account statement is a document you can rely on to extract this information, as long as you receive all of your revenue through bank channels.
Frequently Asked Questions
How is tax calculated in advance?
Add up all your receipts and determine your total amount. Subtract costs that are directly related to your job. Add income from other sources, name a home or savings account. Find the tax slab you are in and calculate the tax you pay. Remember to remove the TDS If the required tax exceeds Rs.10,000, you are required to pay tax in advance on the following deadline.
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