Manager - Finance & Accounts
58217 Points
Joined June 2010
Hey Himank! Here's the scoop on your situation:
1. Working Two Jobs (TCS + Freelancer):
Legally, you can have multiple sources of income, including freelancing alongside your full-time job, as long as you comply with your employment contract and tax rules. The key issue here is TCS’s internal policy that disallows any other job or freelancing.
2. Risks with TCS Policy:
-
If TCS finds out you are working elsewhere against their policy, it could lead to disciplinary action including termination.
-
They have your Aadhaar and PAN, so if there’s any overlap or mismatch in income declarations, it could be noticed during tax filing or audits.
-
Companies sometimes monitor your tax filings or may even ask for disclosures during appraisals or internal audits.
3. On the Tax Side:
-
Your freelancing income will be taxable, and TDS will be deducted by Unacademy.
-
You must disclose all income sources when filing your ITR (Income Tax Return).
-
No legal problem in earning from freelancing, but non-disclosure or hiding income can cause issues with the tax department.
4. What You Can Do:
-
Check your TCS employment contract or employee handbook carefully to understand the exact restrictions and penalties.
-
Consider discussing with HR if freelancing is allowed under certain conditions or if permission can be granted.
-
If TCS strictly forbids it, continuing freelancing secretly carries risk of losing your full-time job if found out.
-
Alternatively, consider freelancing under a separate entity or personal company but still, your PAN will link the income.
Bottom line:
Yes, you can technically continue freelancing, but if TCS policy prohibits it, you risk getting caught and penalized. You should weigh the risks carefully.