Applicable ITR Form for Artists
The applicable ITR form for artists, including those involved in creative fields like music, visual arts, writing, and performance, would typically etermined by the nature of their income and the way they are earning.
1.Form ITR-3:
Artists who earn income through their creative work as well as other sources, like royalties, rental income, or capital gains, may need to use Form ITR-3
This form is suitable for individuals or Hindu Undivided Families (HUFs) with income from business or profession.
2. Form ITR-4:
Artists who have a small-scale creative business, like selling artworks, providing workshops,
or similar activities, may use Form ITR-4.
This form is for individuals or HUFs opting for the presumptive taxation scheme under Section 44ADA of the Income Tax Act.
3. Form ITR-1:
If an artist’s income is solely derived from their creative work and they don’t have any other business income, they may use Form ITR-1, also known as Sahaj.
This form is meaning for individuals with income up to ₹50 lakh and having income from salary,
one house property, other sources, and agricultural income up to ₹5,000.
Remember, it’s crucial to assess your specific income sources.
Consult a tax professional if you’re uncertain about which ITR form to use.
Filing the correct form ensures accurate reporting and compliance with tax regulations.
To visit: https://www.mca.gov.in/
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