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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Apr 07, 2024

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Asked by Anonymous - Apr 06, 2024Hindi

Money

If a person earns 20 lacs from salary and 15 lacs from freelancing,. (both are take home amounts) How will the income tax calculated? Entire 35 lacs will be taxed as per current slabs or freelancing income will have a flat 10% tax?

Ans: The whole income will get added up. However, the freelancing income can be treated as income from business and profession and accordingly you can show relevant expenses that are attributable to this income or to run the freelancing business. Probably you are referring to the Tax deducted at Source (TDS). Note that TDS only only the deduction at source.. you would need to compute the tax while filing your return, show the TDS paid and arrive at the balance tax payable.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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