Tax saving option for freelancers

1. Yes, correct.
2.  i. Yes, under normal assessment.  ii. Eligible if you are eligible for sec. 44ADA IT act.  iii. You can be eligible for either of the options.

Thank you sir for quick response. Also I welcome your suggestions for better tax saving options , if you have any.

Sec. 44ADA, if eligible, is the best option by declaring minimum 50% gross earning as profit. Other deductions ;ike 80C, 80D etc. are common under old regime. Under new regime no such deductions allowed.

Thank you very much sir for your quick responses.

You are welcome.           

Sir, 

    One more question. I am getting my entire project fee through Online payment - NEFT. What is the limit on my Gross income (Total income  - 18% GST) to avail sec 44ada ? Thanks in Advance

Thanks

Mani

Rs. 75 lakhs...           

Sir, I am residing in TamilNadu offering IT freelancing service to my client company registered in Karnataka. I did GST registration when my threshold was about to cross 20lakhs. All my invoices before GST registration didn't have GST number. So did I follow proper procedure to avail the benefit of not paying GST till 20lakhs.