WigglyRaccoon
WigglyRaccoon

income tax on freelancing

hey folks do you declare any side/freelancing income information during return filing?
if your side hustle is over 5L but less than 20L, will you declare or keep it hidden?

13mo ago
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PerkyDumpling
PerkyDumpling

Why would u not declare it I use 44ada

WigglyRaccoon
WigglyRaccoon
Google13mo

To save tax? 😅

FluffyNugget
FluffyNugget
Plivo13mo

Evade tax*

SquishyPancake
SquishyPancake

Declare it and just claim expenses legit, pay tax on it. Get the earnings in an entity if anything above 5 lakhs pa. Create value and not just revenue. Will help a lot in the future.

WigglyRaccoon
WigglyRaccoon
Google13mo

Could you shed more light when you say entity?

SquishyPancake
SquishyPancake

Create an LLP or an OPC to start with. Start billing on that name, that way you create value, reputation/goodwill.

PeppyMarshmallow
PeppyMarshmallow

Get paid in cash if possible. You can also get your payments wired to a family member in a low income bracket.

Save direct taxes; >90% citizens don’t pay a penny. Also why fund a politician’s next giant statue project.

WigglyRaccoon
WigglyRaccoon
Google13mo

Bank account name mismatch is one of the issue, that’s why cannot transfer to parents

GoofyDonut
GoofyDonut

keep it hidden

Unless you are getting paid in cash, or kind; expect an income tax notice!

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