ITR Filing for Editors Job
ITR Filing for Editors Job, who have a full-time job and earn additional income from editing activities need to fulfill specific Income Tax Return (ITR) filing requirements.
The income earned from their full-time job is usually treated as salary income, while the income earned from editing is considered freelance or professional income.
1. Income Tax Slab:
Editors need to calculate their total income, including both their salary from the full-time job and the income from editing. They should apply the applicable income tax slab rates to their total income to determine their tax liability.
2. Form Filing:
Editors should file their income tax return using the appropriate ITR form. If they have income from both salary and editing, they might need to use ITR-2 or ITR-3, depending on the complexity of their income sources.
3. Deductions and Expenses:
Editors can claim deductions under relevant sections of the Income Tax Act to reduce their taxable income. They can claim deductions for expenses directly related to their editing work, such as software, equipment, home office expenses, and any professional development courses they undertake to enhance their editing skills.
4. Form 16 and 26AS:
Editors should collect Form 16 from their employer, which provides details of their salary income, tax deducted at source (TDS), and other relevant information. They should also cross-check the details in Form 26AS, which is a consolidated statement of all taxes deposited against their PAN.
5. Reporting Income:
Editors must report their salary income under the appropriate head in the ITR form. They should also report their editing income under the head ‘Income from Business or Profession’ and provide details of the expenses incurred to earn that income.
6. TDS and Advance Tax:
If any TDS was deducted from their editing income, editors should include it in their ITR and ensure that they claim credit for the TDS amount. If their total tax liability (including the editing income) exceeds a certain threshold, they might need to pay advance tax during the financial year.
7. Disclosure of Full-Time Job:
Editors should ensure that they declare their full-time job and associated income in the ITR form as well. This helps in providing a comprehensive view of their financial situation to the tax authorities.
8. Compliance with GST:
If the editing income crosses the threshold for Goods and Services Tax (GST) registration, editors must comply with GST regulations by registering and filing the necessary GST returns.
ITR Filing Editors Job: In summary, editors with a full-time job and editing income should file their ITR with the appropriate form, report both sources of income, claim relevant deductions, and ensure accurate reporting to avoid any discrepancies.
To visit: https://www.mca.gov.in/
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