How can I save more money on Tax while working as Full time employee and Freelancer?

Depending on the nature of your service, if it comes under 'profession' as per the income tax act, you can show it under sec 44ADA and show 50% of the freelancing income i e 27 lakhs as your profit/income on which tax will be calculated. If it does not come under 'profession' you can come consider it as 'business' and show profit at min. 8% of the 54 lakhs i.e. around 5 lakhs as your profit/income.
Nothing much can be done about your salary/full time employee income.

However, since it involves another country i e. Singapore, DTAA provisions might be applicable.

It is my humble advise to consult a CA/tax expert in person for a detailed consultation as it needs expert guidance.

As it is you are paying around 22% in tax on your income from MNC. If you start receiving further income it is like your net income will be around 50 lakhs from both sources. That means you would be paying around 27% in taxes.

Sec 44ADA is not applicable for annual freelancing receipts of more than 50 lakhs. So in that case audit becomes inevitable.

So it is better to make a tax efficient strategy from the inception itself. Please reach out to me for genuine consultation. The amount is huge and it requires good planning for optimum tax savings.

CA. Raj Doshi, raj @ rcdco.in