I have a primary job but I do earn some extra money from some online work (content writing, blogging, advertising, consulting etc). Should I register a business and file personal and business income tax returns separately?
As of now, I am including my online revenue in my personal income while filing the annual returns. Is there any issues in deducting the expenses related to my online work in my personal tax returns? For example, I purchase certain products for the purpose of reviewing. I pay some money to other people to outsource some of my work and also to purchase various services and tools for my online work. Can I claim deductions for those expences if I file only personal income tax returns?
I think my online revenue is slowly growing. At what stage I am legally required to register a business?
Thanks in advance.
CAclubindia
