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We must know where we stand, this makes our tax computation easier.

PS: Do not think that you can get away with hiding your freelance earnings (unless it is made in cash). These days, all transactions are online, and they definitely leave a trail. Trust me, no one wants to be on the bad-books of the tax-man. Sooner or later, IT-Dept is going to catch up. Remember Paypal-RBI issue???
 

Income Tax Rates/Slab for Assessment Year 2013-14	Rates %
Up to ₹ 2,00,000 Up to ₹ 2,00,000 (for women) Up to ₹ 2,50,000 (for resident individual of 60 years till 80 years)	Nil	No, you do not have to pay income tax
₹ 2,00,001 – ₹  5,00,000 Up to ₹ 5,00,000 (for resident individual of 80 years and above, Tax is nil)	10% Nil	Yes, you have to pay tax
₹ 5,00,001 – ₹ 10,00,000	20%	Yes, You have to pay tax
₹ 10,00,001 upwards	30%	Yes, you have to pay tax

Question Bank  from Govt. of India’s Income Tax Department Website.Each section has additional questions. So, take your time to read and understand.  General Taxable Income Tax on Income Return of income PAN Salary Income Income from House property Income from business and Profession Capital Gains Tax Deduction at Source Assessment

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