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What is the applicable ITR form for fashion designers?

Manpower Tax Deductions

ITR Filing for Fashion Designers

ITR filing for Fashion designers typically need to file their income tax returns using Form ITR-4 (Sugam) if they are running their design business as a sole proprietorship or as a partnership firm.

Form ITR-4 is meant for individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive taxation scheme under section 44ADA of the Income Tax Act.

This scheme is specifically designed for professionals, including fashion designers.

Who have a gross total income of up to Rs. 50 lakhs in a financial year from their profession.

 

This form simplifies the tax filing process for professionals by allowing them to declare 50% of their gross receipts or turnover as their income.

This means that detailed maintenance of books of accounts is not necessary.

Making it convenient for small professionals like fashion designers.

 

Using Form ITR-4, fashion designers can report their income from design projects, collaborations, consultations, and other related sources.

They need to provide details of their gross receipts, any deductions claimed under section 80, and other relevant financial information.

However, it’s important to note that if the fashion designer has income from other sources apart from their profession.

They might need to use a different ITR form that is applicable to their specific situation.

Fashion designers can generally use Form ITR-4 (Sugam) to file their income tax returns if they fall within the criteria specified by the presumptive taxation scheme under section 44ADA.

It recommended to consult with a tax professional to ensure the correct form used and all relevant details accurately reported.

To visit: https://www.mca.gov.in/

 

 

For further details access our website: https://vibrantfinserv.com

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