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How to File Income Tax When You Have Multiple Sources of Income?

Are you someone who receives income from multiple sources? Whether you're a freelancer, a side hustler, or a salaried employee with investments on the side, it's important to understand how to file your income tax accurately. In this post, we'll discuss some tips to make the process easier for you.

• Keep Track of Your Income Sources

Make sure you have all your income sources documented, such as your salary income, investment income, and income from any side businesses or freelance work. This will ensure that you don't miss out on any income and can file your taxes accurately.

• Know Your Tax Slab and Deductions

You need to know which tax slab you fall under based on your total income. Additionally, you should also be aware of the deductions that you can claim on your income tax return to reduce your tax liability.

• Filing the Right Form

When you have multiple sources of income, you need to file the correct form. For example, if you have a business, you may need to file ITR-4, while if you only have salary income, you can file ITR-1. Make sure you are aware of which form you need to file based on your sources of income.

• Consult with a Professional Tax Consultant

If you're unsure about how to file your income tax returns or have complex sources of income, it's always a good idea to seek the help of a professional tax consultant. At Alliance Tax Experts, we specialize in helping clients with all their income tax filing needs.

In conclusion, filing income tax with multiple sources of income can be daunting, but by following the above tips and seeking professional help if necessary, you can ensure that you file your taxes accurately and on time.

For more information or to schedule a consultation with one of our experts, please contact us at 022 49742166 or 9769201316.

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