Tax information regarding earnings from multiple (three) sources
Hello Folks,
I am in a very serious confusion regarding multiple things, So I'd try to elaborate as much as possible:
I have three major sources of income:
1. full-time job in a company (monthly salary)
2. part-time freelancing (inflow on regular basis)
3. part-time from another company (monthly salary)
From #1, I make around 1.5L per month
From #2, I make around 1.2L per month (on average)
From #3, I make around 40k per month
Following are my confusions/questions:
1. How should I file taxes? Would it all be considered as my regular income and will have to be mentioned while filing the ITR-1?
2. What should I do in order to save as much taxes as possible?
3. I was planning to go with Sole proprietorship for the freelancing work. Is that a good idea? If yes, what would be the tax scenarios like for it?
4. The freelancing money is usually wired from abroad (sometimes using Paypal or some other online websites) Is that safe? Also, Is there anything I should be aware for that?
Any help would be very valuable for me.