New Delhi, Aug. 9 -- With the August 31 ITR deadline getting closer, many freelancers, consultants and other self-employed professionals are preparing to file their income tax return (ITR). Unlike salaried employees who receive a From 16 from one employer, freelancers often earn money from multiple clients and projects.

In many cases, freelancers also receive payments from foreign clients through services such as consulting, writing, design, IT development and digital marketing. While this income is often received in foreign currency, it is still fully taxable in India if the professional is a resident for tax purposes.

Any income generated through freelancing is treated as carrying on a profession or business under the Income-tax Act. ...