KnowMyTax
Free Tax Calculator for Freelancers and Consultants in India
FY 2026-27

Every freelancer, consultant, and small business owner in India faces the same question at tax time: am I paying the right amount — and am I choosing the right regime?

With two tax regimes, multiple sections of the Income Tax Act, and advance tax obligations spread across four instalments, the answer is rarely obvious. KnowMyTax is a free calculator built by CA Deepti Arora (ICAI, 20+ years) to answer that question in under 60 seconds.

Understanding Section 44ADA — For Professionals and Consultants

Section 44ADA is a simplified taxation scheme for professionals including IT consultants, doctors, architects, lawyers, designers, and content writers.

Under Section 44ADA:

• You declare 50% of gross receipts as taxable income — no books of accounts required
• If your annual receipts are ₹20 lakh, your taxable income is ₹10 lakh regardless of actual expenses
• The scheme applies if total receipts do not exceed ₹75 lakh in the financial year

If your actual expenses are less than 50% of receipts, this scheme saves you money and compliance time.

Understanding Section 44AD — For Traders and Small Businesses

Traders, retailers, contractors, and small business owners fall under Section 44AD. Here you declare 6–8% of turnover as taxable income depending on the proportion of digital receipts, with a turnover limit of ₹3 crore.

Old Regime vs New Regime — Which Saves You More?

This is where most freelancers make costly assumptions.

The old regime allows deductions — Section 80C investments, health insurance under 80D, and business expenses. If you invest actively and claim deductions, the old regime can work in your favour.

The new regime offers lower slab rates with minimal deductions — simpler, but not always cheaper.

The right answer depends entirely on your income level, investment pattern, and which section you fall under. KnowMyTax calculates both simultaneously so you can see the difference instantly.

How to Use KnowMyTax — Three Steps

1. Search your profession — the calculator identifies whether you fall under 44ADA or 44AD automatically
2. Enter your approximate annual receipts or turnover and any other income
3. View your tax comparison — old regime vs new regime side by side, with your advance tax schedule and monthly set-aside amount

Why Advance Tax Matters

Freelancers and consultants are required to pay advance tax in four instalments — 15 June, 15 September, 15 December, and 15 March. Missing these attracts interest under Section 234B and 234C. KnowMyTax shows you exactly how much to pay in each instalment so you are never caught short.

Use the Free Calculator

KnowMyTax is free, requires no login, and stores no data. Built and verified by CA Deepti Arora & Co., Chartered Accountants, Manesar, Gurugram.

👉 Try it here: KnowMyTax — Free Tax Calculator

Need personalised tax advice beyond the calculator? View our services or WhatsApp CA Deepti Arora.

Disclaimer: Estimates are based on information entered. For final ITR filing, consult a qualified CA.