Hi All,
I am a salaried employee in a private company. Apart from this i have earned around Rs.80 k for FY. 2010-2011 by providing freelance services. Should i show this income as income from other sources or should i show as profit or loss from profession/business?
Should i inform my employer about this other income to include in Form 16 or can i show seperately in my tax return without connecting it to Form 16?
If i show this 80k as profit/gain from business or profession as a seperate head of income in Tax return, can i deduct expenses for earning this income (like salary paid to staff, depreciation on capital asset purchased, other expenses etc;).
Appreciate your valuable suggestions.
CAclubindia
