Your freelance income shall be taxed under the “Business & Profession” head at applicable slab rates.
When you file your return, your tax shall be calculated based on the income, expenses, deductions, and exemptions claimed and the TDS deducted can be claimed as tax credits, and if any excess amount remains, it will be refunded to your bank account.
Considering the income is for FY 2022-23, since it is a business and profession income that is less than 50 lakhs, you can opt for the presumptive taxation scheme u/s 44ADA.
Tax calculation considering the income is for FY 2022-23 under the old regime.
Freelance income = 15,50,000, health insurance premium = 10,000, TDS deducted = 1,55,000
| Particulars | Regular Scheme (in ₹) | Presumptive Scheme (in ₹) |
|---|---|---|
| Business & Profession Income | 15,50,000 | 7,75,000 |
| Deduction u/s 80D | 10,000 | 10,000 |
| Total Taxable Income | 15,40,000 | 7,65,000 |
| Tax Payable at normal rate | 2,74,500 | 65,500 |
| Add 4% Cess | 10,980 | 2,620 |
| Total tax payable | 2,85,480 | 68,120 |
| Less: TDS dedcuted | (1,55,000) | (1,55,000) |
| Tax Payable/Refund | 1,39,680 | (86,880) |
Read more about Section 44ADA of Income Tax Act - Presumptive Taxation for Profession - Learn by Quicko and Income Tax for Freelancers & Professionals : Guide - Learn by Quicko
Hope this helps.