Tax on side hustles
9 months ago
I have a job with 5.5L per annum . Along with that I have few side hustles. Should I pay tax for my side hustles ?
A.Dear client,
The Income Tax Act of India considers all sources of income, including income from a regular job and income from side hustles, for the purpose of taxation.
If your total income, including your salary from your primary job and the earnings from your side hustles, exceeds the basic exemption limit (which may vary based on your age and other factors), you may be liable to pay income tax on the amount exceeding that limit.
It is essential to report all your income accurately while filing your income tax return. Keep track of your earnings and maintain proper records and documentation of your side hustle income and expenses. This will help you calculate your total taxable income correctly and ensure compliance with tax laws.
As tax laws can change and may vary based on individual circumstances, it is advisable to consult with a qualified tax professional or refer to the official website of the Income Tax Department of India for the most up-to-date and accurate information regarding taxation on side hustle income.
The Income Tax Act of India considers all sources of income, including income from a regular job and income from side hustles, for the purpose of taxation.
If your total income, including your salary from your primary job and the earnings from your side hustles, exceeds the basic exemption limit (which may vary based on your age and other factors), you may be liable to pay income tax on the amount exceeding that limit.
It is essential to report all your income accurately while filing your income tax return. Keep track of your earnings and maintain proper records and documentation of your side hustle income and expenses. This will help you calculate your total taxable income correctly and ensure compliance with tax laws.
As tax laws can change and may vary based on individual circumstances, it is advisable to consult with a qualified tax professional or refer to the official website of the Income Tax Department of India for the most up-to-date and accurate information regarding taxation on side hustle income.
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