I have been comparing the benefits for freelancers if they choose the new tax scheme or the old one. One variable that I would like to mention is home loan, if a person is paying home loan, or is planning to take a home loan, which of these schemes would help them in the long run?
Income Tax: Which scheme is better for freelancers?
- Thread starter Jonas
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- fy20-21 income tax itr
If you have homeloan and exhaust the interest cap (you will also exhaust 80c then as loan repayment) , then old schemes make sense completely.
If you have any tax queries you can hit me up. But for next year and for tax slabs, you can sit back, things are going to change cause of the lock down.
If you have any tax queries you can hit me up. But for next year and for tax slabs, you can sit back, things are going to change cause of the lock down.
Multiple factors need to be accounted for - Including current income, and maybe future as well, as I someone say there is no switching back to old once you have moved to new. Also what are the other exemptions that one is availing and would not be availing - but as you say feelancing, I guess things like HRA, LTA etc will not be applicable even now.