I am a part-time Freelancer providing software consultation to clients in US and Ireland. I also work in an India Software company, which does the tax computation for my salary. (My Company doesn't know about the Freelancing work)
Here are my queries:
- How do I directly get my Freelancing amount in my Axis bank account? Do I need to inform my Bank before receiving any such payment? Can my client directly pay in Euros? Earlier I have been getting paid via PayPal but they charge 4.4% which is too much for me.
- How do I pay tax for this extra income in India? My company is already doing the Tax computations for my salary. How to calculate that how much tax I should pay for this extra money and where and when to pay this extra tax.
Any help will be appreciated.