Which tax regime is better for freelancers?

When deciding which tax regime is better for freelancers, it’s crucial to understand both the old and new tax regimes. The old regime allows freelancers to claim deductions on expenses like travel, home office setup, and other work-related costs. In contrast, the new regime offers lower tax rates but fewer deductions, which may suit freelancers with fewer expenses. Ultimately, the ideal regime depends on individual income and expenses. For tailored advice, it can be beneficial to hire an Indirect Tax freelancer from platforms like Paperub, who can guide freelancers in choosing the regime that maximizes their savings.

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