Hello Frendz,
I am an employee of a firm in India and doing freelancing job for extra earning as well.
Can you please anwer my below queries?
1) What are the investment I can show while filling the income tax?
2) Suppose I earned 5 lakh from my salary and 4.5 lakh from my freelance work then how much amount would not be taxable? However my employer has already deducted tax from my salaried amount (5 lakhs).
Any help would be appreciated.
Thanks
Sir you have to submit ur total income i.e 5,00,000+4,50,000 hence ur gross total income is computed nd then ur tax liability is to be computed as per ur basic exemption limit , hence u will get total tax liability from such liability the balance amount i.e. tax liability - TDS = tax payable in cash u have to file T.D.S certificates along with the tax statement inorder to claim T.D.S
You may deduct certain expenses from the business income also. You may claim depreciation also on the assets on the basis of its utilisation in earning your freelance income. Suppose you have purchased any computer/laptop, during the year, you aare eligible to get 60% /30% depreciation on date. Further you can claim Conveyance Expenses/ Motor Car Expenses/ Partial Depreciation on Motor Car and othe relevant expenditures from 4.50 lacs.
i think 4.5lakhs is net profit after claiming all deductions
CAclubindia
