I am new to freelancing realm and might soon be navigating it.
I am finding as much knowledge as possible for ease of understanding all aspects, how minutiae they are, to help self and other beginners in the process.
Some aspects eventually will be discussed with a CA as it will require professional help, but I think seld understanding of all aspects always help and who better to ask than the community who has been doing it for long i assume.
Thank you for you time in advance as it is a lengthy post.
Below is what I lack understanding of:
Let me see if I can help you out here!
In additon to all of the great resources and answers @daryldy already provided, I wanted to also chime in with a few resources on the questions you shared (in case it's helpful for others in the future, too!). I'm sure there are other Community members with experience as a contractor in India that might be able to provide more insight on the taxes and claims piece.
"What different ways are there to become a freelancer?"
I think this answer will really vary from person to person. Being an independent contractor has a lot of rewards, including more flexibility in your working hours, ability to claim certain tax deductions where applicable, the ability to work from anywhere, and so much more! However, as with most things, there are both pros and cons. Job security can be a potential risk, because as an IC, you'd have to rely on securing new contracts and maintaining a positive reputation to ensure a steady flow of work. If you're the type of person who can balance and structure their days efficiently, leverage a strong network to build a portfolio of clients, and have honed in on your craft and services, you'll minimize the cons list substantially.
"What private health insurance and other stuff one needs to take care after transition to freelancer?"
It's best to consult a professional or local expert that can help you navigate choosing the health insurance packages that work best for you, especially if there are additional coverage needs. However, if you're an Independent Contractor through Deel, there are lots of perks and deals you're able to access. You can read through this article on how to Request a Health Insurance Quote as an Independent contractor, or look at this blog for details on Insurance options for Remote Workers.
Hoping that this is a helpful start to kicking off this dialogue. Also, re: FIRC, I believe this thread might be helpful in learning from others too.