Income Tax Return

The Income Tax Act, 1961 states that — Any money made by demonstrating your mental or physical ability (Simply Skill) is money generated from a business. Earnings from freelance employment are classified as “earnings and profits from business or profession.” That’s because such earnings fall under or are considered as self-employment profits. There are certain requirements for taxation that addresses to the earnings of a freelancer - Either ITR-3 or ITR-4 can be used to file a tax return by a freelancer (ITR). Individuals with freelance earnings, like those with corporate profit, have the alternative of deducting expenditure to conduct out the freelance employment. When documenting an ITR, freelancers are not authorised to obtain the regular deduction of rupees 50,000. To reach the acceptable tax, the freelancer liable to pay tax must estimate his earnings in a fiscal year from various origins and subtract expenditure and applicable tax credits. Many businesses, employers or say client

  Introduction A lot of buzz gets explode during a particular month of a year forcing you to file your income tax return and so on. Infect now a days even government also telecasts advertisement that every citizen should file income tax return. So in this blog we will focus on what is income tax return, how you can file income tax return, what type of ITR is applicable to you, what the last of filing income tax return is and why you should file ITR. What is income tax return? An income tax return is basically the declaration of your income. This is the statement where you are supposed to report how much have you earned during a particular financial year, what are your expenses and what are the investments you had made. The form of ITR consist of various details such as bifurcation of income in different heads, deductions to be claimed under various schemes/categories, tax already deducted as TDS, tax payable or refund to be claimed, any life insurance policies or mediclaime taken