ITR for self employed
For self-employed individuals in India, the Income Tax Return (ITR) form to be filed depends on the nature and source of income. Here are the common ITR forms applicable to different types of self-employed individuals:
ITR-3: This form is applicable if you have income from business or profession as a partner in a partnership firm but not as a proprietor. It is also applicable if you have income from salary, house property, capital gains, and foreign assets/income.
ITR-4 (Sugam): This form is applicable for individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships) having income from business or profession calculated under the presumptive taxation scheme (Section 44AD, 44ADA, or 44AE) and having total income up to Rs. 50 lakh.
For more information visit this site: https://www.incometax.gov.in
ITR-5: This form is applicable for entities other than individuals, HUFs, companies, and those filing ITR-7 (such as partnerships, LLPs, and associations of persons).
It’s important to carefully assess your specific situation, including the type of business or profession, turnover, and income sources, to determine the correct ITR form to file. Additionally, it is advisable to consult a tax professional or refer to the official website of the Income Tax Department of India for the most up-to-date information and guidance on filing the appropriate ITR form.
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