Any full time employees freelancing here? How do you manage your taxes? Also, is it a violation of corporate policies?

17mo ago

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BouncyNarwhal

Tata Communications17mo

I'm not freelancing here but as long asvyou report it in your income tax return you should be good... Call it other income and file it... Make sure you don't file your itr through your employer

PrancingBurrito

Stealth17mo

So, should we skip mentioning other income in employer's tax dashboard altogether?

Also, if we don't mention it employer will create Form 16 accordingly.

And when we file IT through external CA, will the mismatch in employer tax dashboard and actual filing be problematic?

BouncyNarwhal

Tata Communications17mo

Yes.... When filing itr you will need to pay additional tax on this income... Online services like tax2win etc can also do it.... get's more complex if you get foreign currency payments... for that u need an offline you can speak to who will advise on declarations and stuff..... not that this just hides the fact that you're freelancing from your employer... You may still be violating corporate policies.... That's on you though

FloatingPancake

Edgeverve17mo

If you’re earning significant money (4-5LPA) through freelancing, sit with a CA. You can still do your taxes, but for 1-3k a CA will guide you on all the possible ways you can manage your tax.

My CA charges ₹4,000 per year to file my taxes. This is on the upper side, you should be able to find someone who does it for half the price. I’d say spending this is worth it instead of goofing up or coughing up late fees in advance tax if applicable.

BouncyNarwhal

Tata Communications17mo

Also if the freelance income is significant you may need to pay advance tax during the year... Again ask a ca for thresholds etc

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I currently freelance but I've also got a full time job offer.

Can i continue taking freelance income in my salary account or should I avoid taking freelance income under my PAN and get that in maybe my parents account?