Need help filing Incoming tax for Software developer freelancer. : IndiaInvestments
This is my first income tax filing and my father is not aware of what has to be done in my situation as well. Therefore, I’m hoping to post my entire earnings and request the best way to go about it.
– I’ve received around 13 lakhs in payment (UpWork.com, Freelancer.com, and direct Client-based projects from the USA and Australia) from May 2020 – March 2021.
– I’ve spent around 5 lakhs as subcontracts and expenditure. This leaves me with around 7 lakhs. I’ve gifted 7 lakhs under my mother’s to invest in stocks through her DEMAT account.
– I’ll be receiving another 7 lakhs in April 2021.
– I was wondering what the best approach is to save as much as possible in taxes. Which category is the best to choose?
– Self Employed
– Register as Company
– Other Options
– UpWork.com and Freelancer.com both have TDS (Tax Deducted at Source) that deduct the amount. I hope this amount is not taxable anymore?
– Do I fall under Tax Slabs or is it only for employees?
– Is the trading that I do from my mother’s account which she received as a gift, taxable?
Thanks for your help! Please guide me or provide some references for me to look into further, thanks!