This is a follow-up post to our post on Income Tax Implications for Freelancers since there has been revisions in the tax slab for Income tax by the Finance Minister recently. This is the most updated Tax slab for FY 2014-15 (AY 2014-15) . If you are a freelancer having a taxable income greater than 2,50,000 in the current financial year (14-15), you ought to ensure that you pay your taxes on time to avoid any hassles.
Education Cess: 3% of Income Tax plus Surcharge
The government has additionally raised the limits for investments under 80C to Rs 1,50,000 from Rs 1,00,000. The investments under 80C are non taxable and hence help you in saving taxes.