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Present tax aspects of earning through data entry data conversion and other internet work in india? |
I am working with a bank as a full time employee, now if i work for home based jobs over internet such as data entry, data conversion, ad psoting ete during my free time like sunday or late hour in night and get paid for it then what will be the legal aspects of it? I would like to know if this is considered as the source of income then what is tax aspects associated with it like what is the tax rate in present year? if there is no tds( which is generally not)how tax of this income has to be paid and what rate & moreover under which head it will be shown in filling my itr?also specify which form i should use in filling my itr as form 2E (naya saral) can be used by individual having income from salary only not from bussiness. See , you can use Form 2D . You will have two sources of income. Salary and Income from Business . The tax rate is same as that of individual. However, you can prepare a Income Expenditure accounts and you can charge depreciation on Computer you will use for the job, the motor car you use, expense of Internet, Telephone etc. Just do it.Forget about income tax, all expenses related to the typing job is allowable under section 37 of the I T Act. ur income will b taxable under sec28 as business income. it will be taxable at the normal rates, u can claim expenses incurred on this earning. u will have to use form 2D to file ur return as u r an individual having business income. |
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