TAXABILITY ON FREELANCE INCOME

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Bank Executive - Retired
24 Points Posted on 02 October 2020

My son, who is ordinarily a resident Indian, works on FREELANCE to some foreign establishments and receives payments through PAYPAL to the credit of his ordinary SB account. No TDS is deducted.
 

Please guide regarding the

1. taxability of the income

2. if taxable, what are the taxes

3. what are the returns to be filled

4. is ONLINE FILING possible 


 

 

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On 02 October 2020 at 13:30 Report
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Quick Summary
This discussion clarifies the taxability of freelance income earned by an ordinarily resident Indian individual from foreign clients, paid via PayPal. The income is taxable under normal slab rates. Depending on how the income is classified (professional vs. other source), either ITR 3 or 4, or ITR 2, should be filed. Online filing is possible for all individuals.

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Practice
1639 Points Posted on 02 October 2020
1. yes income is taxable
2.normal slab rate is applicable
3. ITR 3 or 4 in case showing as professional income else ITR 2 as other source
4. yes you can file it online as normal people
1 Reply
On 02 October 2020 at 14:00
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Bank Executive - Retired
24 Points Posted on 02 October 2020

Thank you very much Mr Abhay.

Please let me know whether the income is liable for GST...

Thanks

Reply
On 02 October 2020 at 18:09

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