Are You A Freelancer? Know The Rules To Minimise Tax Liability

Freelancing and consultancy have become popular career choices in India in recent years, especially with the rise of the gig economy. Being a freelancer or consultant comes with many benefits such as flexible work hours, independence, and control over one's career. But it has its own set of challenges too such as absence of the office infrastructure, lack of visibility, etc. Also, freelancers and consultants face certain unique challenges when it comes to taxation. That’s because they do not necessarily have a fixed source of income or a single employer to take care of their tax deducted at source (TDS) or other needs like regular salaried employees have. They need to handle everything on their own and, therefore, it is imperative for them to know how to keep their tax affairs in order. As a freelancer, you have two options. One, to file your income tax return under the category...