Income Tax Filing For Freelancer
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About Income Tax Return For Freelancers
Freelancing income comes into the picture when you get hired to work on precise assignments for a precise term and get paid for the work upon completion and submission. A freelancer is not an employee of the company or placed on its payroll. Their gross income will be the sum of all receipts they get in the method of carrying out their profession. Their bank account statement is a document you can depend on to cull out this information, provided that they have obtained all their professional income through banking channels.
The income tax form that freelancers require to fill out and submit is either ITR-3 or ITR-4. ITR-3 applies to income from business or profession. From AY 2017-18 (FY 2016-17), professionals can opt for presumptive taxation and claim 50% of their gross tokens as their income by filing ITR-4.
Advantages of ITR For Freelancer
Income Tax Return for Freelancers Process Flow
2 WORKING DAYS
2 WORKING DAYS
2-3 WORKING DAYS
2-3 WORKING DAYS
Documents required for income tax filing for freelancer
|Comparison Basis||Private limited company||Llp||Sole proprietor|
|Start-Up India Recognition||✓||✓||✕|
|Suited For||Growing Startup||Service Provider||Small Business|
The General due date for filing income tax return by the assessee requiring tax audit is 30th September of the relevant financial year.
ITR-3 must be filed by individuals and HUFs who have income from carrying on a profession or from a Proprietary business.
If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such a case, he is required to file ITR 2.
XML is a type of file format. Income details entered in the XML file get easily auto-entered in the online Form ITR-4
- A return can be revised u/s 139(5) before processing by the department or before the expiry of the applicable assessment year whichever is earlier.
- While uploading the original return if the assessee failed to disclose any income or claim any deduction or he likes to change the particulars of the ITR he can do revision in his ITR by uploading the fixed return.
Yes, as per the latest government announcement, all business units and taxpayers are obliged to give their Aadhar number while filing income tax returns and also when applying for a new Permanent Account Number (PAN). Further, the taxpayers are needed to link their PAN numbers with Aadhar numbers and on a strict basis, the PAN cards which are not connected to the Aadhar Numbers will be considered invalid.
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