Wouldn’t ITR be a mess for salaried employee who also freelances?
Just want to get inputs from those who freelance along with being salaried. I am wondering how people do ITR filing when they’re directly receiving payment from their clients abroad (inward remittance) on their own name (no company created for offering ur service) as well as have their monthly salary ? As much as I’ve read you would be filing ITR-4 but then wouldn’t this reveal to ur current or next employer that u worked 2 places? Really curious to know as it’s ITR filing time.
I am that one. No issue in filing ITR. You just have to pay tax on those income at the time of filing and forget about any deduction.
Ya but what ITR do u file? Same ITR with income from other sources or different ITR?
Same ITR you can do. Just use bank statements for extra income and pay taxes.
If you have 2 form16 (if both employers provide) then attach both. Else bank statements with same ITR is fine. My friend in accountant and we both do same way.
I guess the OP's real query is about ITR showing g dual income and if new company asks for copy of ITR
A person is supposed to file only 1 single type of ITR every year. You cannot go around filing ITR1, 4, 5 etc. for same year. If you're salaried then mandatorily ITR1 only.
Every ITR type has a section for additional/other income. Anything you earned outside of salary, calculate total and put it in there. Then go to final submission page and it will tell you what's total tax due. Pay it and file your ITR and sleep happy.
Ohh thanks for the info. Guess then one is doomed to the tax slab or higher with ITR-1. Any idea of penalty for missing it ?
CFBR