homepersonal finance NewsExplained: How are freelancers, social media influencers taxed in India

Explained: How are freelancers, social media influencers taxed in India

Explained: How are freelancers, social media influencers taxed in India
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By CNBCTV18.com May 21, 2022 4:09:14 PM IST (Updated)

According to the Income Tax Act, an income earned by exhibiting a person’s intellectual or manual capabilities is considered as earning from a profession. Such income is considered as ‘profits and gains from business or profession’ as the income is treated as earnings from self-employment

Being a freelancer does not mean that one does not have to pay taxes. The Income Tax laws in India state that like the salaried and professional taxpayers, freelancers are also liable to pay taxes on their income.

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According to the Income Tax Act, an income earned by exhibiting a person’s intellectual or manual capabilities is considered as earning from a profession. Such income is considered as ‘profits and gains from business or profession’ as the income is treated as earnings from self-employment. The gross earning is an accumulation of all the receipts received by the individual throughout carrying out the profession.
Apart from freelancers, social media influencers are also subject to the income tax under the heading "profits and gains from business and profession."
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